Talks progress Barrick Gold has announced its agreement with the Do-minican Republic’s government on appointing independent oversight of the environmental and social impact assessment studies for the new tail-ings storage facility in Santo Domingo. The development could be crucial for the expansion of the Pueblo Viejo gold mine.
“This facility, which forms part of an expansion project that will require an initial new investment by Pueblo Viejo of $1.3 billion, is key to the mine continuing to operate beyond 2021 and could extend the Tier One mine’s life to beyond 2040, supporting annual production in excess of 800,000 ounces,” the Canadian miner said in a statement.
Barrick Gold said that the latest agreement comes after more than a year of talks with various stakeholders.
“The expansion project has the potential to allow Pueblo Viejo to convert approximately 9 million ounces1 of measured and indicated resources to proven and probable reserves,” said Mark Bristow, the president and chief executive of Barrick Gold.