Barrick Gold invests over US$4.0 billion in DR
Barrick president projects contributions to country of more than US$7.0 billion
Diario Libre
TORONTO. The president of Barrick Gold International, Aaron Regent, revealed that the investments made by this mining company in the Dominican Republic are more than US$4.0 billion and that the mine will represent approximately 15% of all exports from this Caribbean country.
The mining executive said that it is expected that the Pueblo Viejo mine will contribute US$7.0 billion in income to the Dominican state during the life of the mine, if gold prices are around US$1,400 an ounce, which is near the current price.
The executive spoke during the celebration of the International Day of Barrick, with the participation of a delegation from the Dominican Republic, headed by the ambassador, Jose Ureña; the director of Mining, Octavio Lopez; Santiago Muñoz, the director of the National Geological Service of the Dominican Republic; Jose Angel Rodriguez, from the Remediation Plan of Rosario Mining; Edwin Garcia, Wilton Khoury, the deputy director of Mining in Santiago; Virgilio Peguero, Ramon Morrobel and Cristina Thomen, the director of Public Relations of the Chamber of Mining and coordinator of the delegation which attended the PDAC 2012. The PDAC is the largest get-together of the mining industry that is held in Canada. Regent said that for Barrick, success consists of being able to generate profits for the community and its partners, and for this reason they have a very serious commitment with responsible mining.
He said that during the last year they have introduced a new human rights policy with a clear vision of zero tolerance regarding any type of abuse, and he cited the fact that last Friday they began a group of directors that are charged with the issues of corporate responsibility and regarding issues that affect the sector, in which the Caribbean area is included in the group. He said that this addresses not only the desire to listen but also to learn in those places where they work.
Pride
Regent said that in 2011 they produced the 100,000,000th ounce of gold since Barrick began its operations as a company in 1980. "If we calculate at today's prices, 100,000,000 ounces of gold represent US$170,000,000,000, including the payment of taxes. And this demonstrates the impact of the industry."
He said that this has provided the opportunity to invest in new operations and in new mines. "If we look at the numbers of Barrick Gold Dominican Republic more closely, they will begin gold exports this year, after an investment of more than US$4.0 billion, which is close to the largest investment that country has ever received in its history," the executive said.
During the meeting, the president of Barrick Gold recognized the director of Mines, Octavio Lopez, and gave him the keys to a new house. The meeting with Barrick came within the framework of the celebration of the PDAC 2012, an activity that represents the principle companies in the world in the areas of mining, exploration and investments. The fair was attended by 36,000 persons, while last year the attendance was 27,000. Regent has been president of Barrick since 2009.
Gold reserves
Executives of Barrick Gold project that in the first five years of Barrick's operations in Pueblo Viejo, Cotui, they expect an average of between 625,000 and 675,000 ounces of gold a year, and the life of the mine is estimated at more than 25 years. Barrick owns 60% and is the operator of Pueblo Viejo, while Goldcorp owns the remaining 40%. As of 31 December 2011, Barrick estimated that the gold reserves in Pueblo Viejo were more than 15,000,000 ounces of gold. The project is designed as an open pit mine.
The mining executive said that it is expected that the Pueblo Viejo mine will contribute US$7.0 billion in income to the Dominican state during the life of the mine, if gold prices are around US$1,400 an ounce, which is near the current price.
The executive spoke during the celebration of the International Day of Barrick, with the participation of a delegation from the Dominican Republic, headed by the ambassador, Jose Ureña; the director of Mining, Octavio Lopez; Santiago Muñoz, the director of the National Geological Service of the Dominican Republic; Jose Angel Rodriguez, from the Remediation Plan of Rosario Mining; Edwin Garcia, Wilton Khoury, the deputy director of Mining in Santiago; Virgilio Peguero, Ramon Morrobel and Cristina Thomen, the director of Public Relations of the Chamber of Mining and coordinator of the delegation which attended the PDAC 2012. The PDAC is the largest get-together of the mining industry that is held in Canada. Regent said that for Barrick, success consists of being able to generate profits for the community and its partners, and for this reason they have a very serious commitment with responsible mining.
He said that during the last year they have introduced a new human rights policy with a clear vision of zero tolerance regarding any type of abuse, and he cited the fact that last Friday they began a group of directors that are charged with the issues of corporate responsibility and regarding issues that affect the sector, in which the Caribbean area is included in the group. He said that this addresses not only the desire to listen but also to learn in those places where they work.
Pride
Regent said that in 2011 they produced the 100,000,000th ounce of gold since Barrick began its operations as a company in 1980. "If we calculate at today's prices, 100,000,000 ounces of gold represent US$170,000,000,000, including the payment of taxes. And this demonstrates the impact of the industry."
He said that this has provided the opportunity to invest in new operations and in new mines. "If we look at the numbers of Barrick Gold Dominican Republic more closely, they will begin gold exports this year, after an investment of more than US$4.0 billion, which is close to the largest investment that country has ever received in its history," the executive said.
During the meeting, the president of Barrick Gold recognized the director of Mines, Octavio Lopez, and gave him the keys to a new house. The meeting with Barrick came within the framework of the celebration of the PDAC 2012, an activity that represents the principle companies in the world in the areas of mining, exploration and investments. The fair was attended by 36,000 persons, while last year the attendance was 27,000. Regent has been president of Barrick since 2009.
Gold reserves
Executives of Barrick Gold project that in the first five years of Barrick's operations in Pueblo Viejo, Cotui, they expect an average of between 625,000 and 675,000 ounces of gold a year, and the life of the mine is estimated at more than 25 years. Barrick owns 60% and is the operator of Pueblo Viejo, while Goldcorp owns the remaining 40%. As of 31 December 2011, Barrick estimated that the gold reserves in Pueblo Viejo were more than 15,000,000 ounces of gold. The project is designed as an open pit mine.
Diario Libre
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