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Barrick contributed US$414 million to the State in 2014

COTUI. The Barrick Pueblo Nuevo mining company exported US$1.5 billion in bars of doré – a mixture of gold and silver – in 2014, a year in which the Dominican state received US$414 million from this mining operation, according to information provided by the communications manager of the company, Jorge Esteva.

Of the money received by the state there is “US$73 million that are part of the Transfer Tax of Placer Dome to Barrick; you have approximately some US$70 million more that are the results of the taxes paid by my employees and my contractors to the state, and after this, the difference is the consolidation of the different taxes that the company pays,” said Esteva.

The company provided details which indicated that 48% of its income from the exports cover the production costs – the extraction of each ounce of gold has a cost of between US$640 and US$700 -; 27% is earnings and 25% goes to the state.

Esteva said that the amount exported corresponds to 1,128,000 ounces of gold in Doré bars.

In order to obtain four or five grams of gold they need to extract one ton of material; Barrick Pueblo Viejo processes 24,000 tons a day, said Jorge Esteva.

In 2001, the state offered the deposits,– which had been exploited by Rosario Dominicana between 1975 and 1999 – by means of an international tender, which was won by Placer Dome, a company that was acquired by the multinational Barrick Gold in 2006.

The Hatillo dam

Jorge Esteva indicated that the company extracts 0.33% of the water of the Hatillo reservoir (2500 m³ per hour), and returns more than 60% after using it and passing it through the water treatment plant into the Margarita River, which drains into the reservoir.

Rice farmers in the area had accused the mining company – besides the drought – of being responsible for the water level of the reservoir to go down because they were taking out more water than they should.

Nevertheless, the Environmental Manager of the company, Carlos Tamayo, explained that the National Institute of Hydraulic Resources (INDRHI) establishes the amount to be withdrawn, if the level of the reservoir – which should now be at 81 m – goes below 76 m.

Source: DiarioLibre

February 12, 2015

Category: DR News |

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