Barrick Gold will pay taxes of RD$967 million at the beginning of operations
Diario Libre
SD. Beginning in the second semester, Barrick Gold is programmed to start operations in the Pueblo Nuevo mine, which will represent income for the state of RD$967 million for the payment of net smelter return (RNF).
According to the Ministry of Hacienda, the RNF is a payment that Pueblo Viejo will make, which will represent 3.2% of gross profits, determined as the difference between the income from sales less the direct costs to refine the gold, including transportation.
Barrick Gold has made investments of over US$4.0 billion in the Dominican Republic, according to the company president, Aaron W. Regent, during a meeting with a Dominican delegation in Toronto, Canada last month.
Barrick Gold, considered the largest mining company in the world, reported an increase of 45% in its earnings for the third quarter of 2011, pushed by the increase in the prices during the year on the international markets.
The net earnings of the company in the third quarter 2011 increased to US$1.370 billion, equal to US$1.36 a share. This was up from US$942 million, or US$0.94 a share, a year earlier.
For the third quarter 2011, the gold production of the company was 1.93 million ounces, at a production cost of US$453 per ounce. For the end of 2011, Barrick expected to reach its production forecast of between 7.6 and 7.8 million ounces at a cost of between US$460 and US$475 an ounce.
Last year, the average price of gold on the international market reached US$1,569.20 the troy ounce which represented an increase of 28.1% with relation to 2010 and maintaining the upward tendency since October 2009.
According to the Ministry of Hacienda, the RNF is a payment that Pueblo Viejo will make, which will represent 3.2% of gross profits, determined as the difference between the income from sales less the direct costs to refine the gold, including transportation.
Barrick Gold has made investments of over US$4.0 billion in the Dominican Republic, according to the company president, Aaron W. Regent, during a meeting with a Dominican delegation in Toronto, Canada last month.
Barrick Gold, considered the largest mining company in the world, reported an increase of 45% in its earnings for the third quarter of 2011, pushed by the increase in the prices during the year on the international markets.
The net earnings of the company in the third quarter 2011 increased to US$1.370 billion, equal to US$1.36 a share. This was up from US$942 million, or US$0.94 a share, a year earlier.
For the third quarter 2011, the gold production of the company was 1.93 million ounces, at a production cost of US$453 per ounce. For the end of 2011, Barrick expected to reach its production forecast of between 7.6 and 7.8 million ounces at a cost of between US$460 and US$475 an ounce.
Last year, the average price of gold on the international market reached US$1,569.20 the troy ounce which represented an increase of 28.1% with relation to 2010 and maintaining the upward tendency since October 2009.
Diario Libre
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