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Senate to get Barrick Gold contract in the next few days

Santo Domingo. – In the next few days the Executive Branch will send the amended mining contract with Barrick Gold Corp. to the Senate, affirmed senator Tommy Galan on Tuesday. “We’re awaiting the amended draft of the Barrick Gold bill.”

The lawmaker, who chairs the Senate Finance Committee, also affirmed that the contract will benefit the country.

Galan noted that the Government and Barrick Gold reached a preliminary agreement May 9, via which the Dominican State receives a bigger share of the mine’s profits, of more than US$1.5 billion over its lifespan, in addition to the US$10.0 billion projected in March this year.

According to the document disclosed in the National Palace the country’s projected revenues were of US$11.6 billion, of which Barrick’s mine at Pueblo Viejo would contribute US$2.2 billion from 2013 to 2016 subject to a gold price of US$1,600 per ounce and “forecast production.”

Source: DT

Category: DR News |

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Last updated December 6, 2016 at 12:34 PM
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