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Barrick says Pueblo Viejo gold mine progresses life-extension project

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(Kitco News) - Barrick Gold said yesterday that the Pueblo Viejo gold mine in the Dominican Republic is continuing to advance a plant expansion and tailings storage facility project designed to extend its life to 2040 and beyond.

Speaking at a local media briefing, Barrick president and chief executive Mark Bristow noted that so far this year the Tier One mine had paid $522 million in direct and indirect taxes, which brings its total tax payments since it went into commercial production in 2013 to just under $3 billion.

"The extension of its life means that it would continue to be a major creator of value for the Dominican Republic and its people far into the future," Bristow added.

Bristow noted that Pueblo Viejo's management had been very successful in addressing the environmental liabilities left by the mine's former operator, significantly improving the water quality of the two nearby rivers. The drive for gender diversity was also paying dividends, with women now accounting for 16% of the workforce.

"Our goal in the Dominican Republic, as elsewhere in the world, is to create long-term value for our stakeholders through our strategy of sustainable development. Pueblo Viejo's expansion project has the potential to double the enormous contribution it has already made to the Dominican Republic's economy. Without this project, however, that contribution could end soon," he said.

Pueblo Viejo is located in the Dominican Republic, approximately 100 kilometers northwest of the capital city of Santo Domingo and is operated by the Pueblo Viejo Dominicana Corporation — a joint venture between Barrick (60%) and Newmont (40%). Construction of the Pueblo Viejo project started in 2008, with first production in 2012.

Pueblo Viejo produced 542,000 oz of gold in 2020 at AISC of $660/oz. The JV partners aim to convert 9 million ounces of measured and indicated resources to proven and probable reserves, and extend the mine's life to 2040 and beyond.

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