Pueblo Viejo progresses as part of a life extension project
SANTO DOMINGO, Dominican Republic, Oct. 19, 2021 (GLOBE NEWSWIRE) – Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX) ââ Barrick Gold Corporation’s Pueblo Viejo mine continues to advance an expansion project of Barrick Gold Corporation. plant and tailings storage facility designed to extend its life until 2040 and beyond, President and CEO Mark Bristow said today.
Speaking at a local press conference, Bristow noted that so far this year the Tier One1 the mine had paid $ 522 million in direct and indirect taxes, bringing its total tax payments since entering commercial production in 2013 to just under $ 3 billion2. The lengthening of its lifespan means that it will continue to be a major value creator for the Dominican Republic and its people for the distant future.
Of the mine’s 2,500 employees, 97% are Dominicans, many of whom are from surrounding communities who have all benefited greatly from its investment in improvement programs. At present, the mine is involved in such programs in 58 surrounding communities. This is in particular an agri-food project intended to improve cocoa cultivation in the region. In line with Barrick’s global policy of favoring local contractors and suppliers, Pueblo Viejo has also fostered the development of the local economy, spending more than $ 160 million with them over the past eight years.2.
Bristow noted that the management of Pueblo Viejo has been very successful in addressing the environmental responsibilities left by the former mine operator, dramatically improving the water quality of the two neighboring rivers. The effort to promote gender diversity has also borne fruit, with women now representing 16% of the workforce.
âOur goal in the Dominican Republic, as elsewhere in the world, is to create long-term value for our stakeholders through our sustainability strategy. The Pueblo Viejo expansion project has the potential to double the enormous contribution it has already made to the economy of the Dominican Republic. Without this project, however, this contribution could soon end, âhe said.
About Pueblo Viejo
Pueblo Viejo is located in the Dominican Republic, approximately 100 kilometers northwest of the capital Santo Domingo and is operated by Pueblo Viejo Dominicana Corporation, a joint venture between Barrick (60%) and Newmont (40%). Construction of the Pueblo Viejo project began in 2008, with first production in 2012. The company’s workforce is 97% Dominican. In 2020, the conversion of the power plant at the Quisqueya 1 mine to natural gas was successfully completed. This conversion from fuel oil to natural gas will reduce greenhouse gas emissions by 30% and nitrogen oxides by 85%, further reducing Pueblo Viejo’s impact on the environment. An agribusiness project is also planned as an additional benefit for local communities.
Investor and media relations
Catherine du Plessis
+44 20 7557 7738
Email: [email protected]
A level 1 gold asset is an asset with reserve potential to provide a minimum life of 10 years, annual production of at least 500,000 ounces of gold and total cash costs per ounce over the life of mine that fall in the lower half of the industry cost curve.
On a 100% basis.
Caution regarding forward-looking information
Certain information contained or incorporated by reference in this press release, including any information regarding our strategy, projects, plans or future financial or operational performance, constitute “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “progress”, “move forward”, “design”, “would like”, “goal”, “the potential”, “,” extend “,” continue “,” strategy “,” expand “and similar expressions identify the ‘future-looking statements. In particular, this press release contains forward-looking statements, including, without limitation, with respect to the anticipated benefits of the Pueblo Viejo plant expansion and life extension project, including including planned investments, economic contributions and value creation for the Dominican Republic and the extension of the life of the mine until 2040 and beyond, initiatives to develop the local economy and promote gender diversity, expected environmental benefits of the conversion of the Quisqueya 1 plant to natural gas, Pueblo Viejo’s commitment to protect the environment, biodiversity and cultural heritage, and Barrick’s vision for sustainable development and its partnership with its host governments , its communities and other stakeholders.
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