Barrick says Pueblo Viejo gold mine progresses life-extension project

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

Speaking at a local mediabriefing, Barrick president and chief executive Mark Bristow noted that so farthis 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 in2013 to just under $3 billion.

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

Bristow noted that PuebloViejo's management had been very successful in addressing the environmentalliabilities left by the mine's former operator, significantly improving thewater quality of the two nearby rivers. The drive for gender diversity was alsopaying dividends, with women now accounting for 16% of the workforce.

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

Pueblo Viejo is located inthe Dominican Republic, approximately 100 kilometers northwest of the capitalcity of Santo Domingo and is operated by the Pueblo Viejo DominicanaCorporation - a joint venture between Barrick (60%) and Newmont (40%).Construction of the Pueblo Viejo project started in 2008, with first productionin 2012.

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

By Vladimir Basov

For Kitco News

Follow kitconewsnow vbasov@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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