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Dominican Republic gets US$1.7B+ from Barrick gold mine

Santo Domingo.- Dominican Republic’s showcase performance in the global market is based on its gold, says a study by the economic consulting firm Analytica, which reveals the impact by the miner Barrick Pueblo Viejo on the economy and in the communities where it operates, and contributes more than US$1.7 billion to the national economy, of which 57% was directly and 43% indirectly.

Of the miner’s total earnings, 64% remains in the economy and the company made local purchases equaling 15% of its exports just in communities where it operates, said Jacqueline Mora to unveil the study “Barrick Pueblo Viejo, socially sustainable operation,” during a breakfast with the media at the Marriott Santo Domingo hotel.

Mora said the miner’ generates foreign exchange, dissuades growth of large cities and provides tax revenue, which are the three key points that meet the criteria as a socially sustainable operation.

She said the direct impact on GDP is 2.7% and not only 1.6% because an indirect contribution of 1.1% must be included “The study focused on 2014 data reveals the miner’s important contributions to the economy through different channels, which include net foreign exchange of US$773 million support of a stable exchange rate and risk rating.”

The economist, quoted by local media, said the mining sector grew 20.3% in 2014.

“In Sanchez Ramirez and Monseñor Nouel provinces, mining has affected more than 65,000 beneficiaries through its social responsibility policy and these, according to the study, show significant improvements in terms of poverty reduction and income generation in recent years in the country,” Mora said.

She said Barrick Pueblo Viejo created more than 2,000 direct jobs with an estimated six to eight additional jobs for each, where 46.7% of employees were concentrated in the surrounding areas. “Just in Sanchez Ramirez, the unemployment rate fell -2.1%, ranking among the top 10 with a similar effect in that year.”

Source: DT

July 28, 2016

Category: DR News |

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Last updated March 30, 2017 at 10:54 AM
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