The growth has been below study since May 2019. The choice to proceed was made in March final yr, and the corporate has been working with close by communities since then. The research will probably be carried out by a number one worldwide agency and run in parallel with Barrick’s engineering and environmental research.
“The growth mission has the potential to permit Pueblo Viejo to transform roughly 9 million oz. of measured and indicated sources to confirmed and possible reserves,” Barrick president and chief government Mark Bristow mentioned in a press launch.
Bristow additionally mentioned that with the growth, Pueblo Viejo’s complete financial contribution to the Dominican authorities in direct and oblique taxes is anticipated to be over $9 billion for the reason that starting of manufacturing in 2013 by way of 2040. The mine is the Dominican Republic’s largest company taxpayer.
The Pueblo Viejo mine is a three way partnership between Barrick (60%) and Newmont (TSX: NGT; NYSE: NEM) (40%). The mine is forecast to supply between 470,000 and 510,000 oz. of gold this yr at an all-in sustaining price of $760-$810 per ounce.
(This text first appeared in The Northern Miner)