You deserve more from the DR - FACTSWhile the usual suspect spews hate vitriol and lies to whack a penny or two from shareholders , the truth is out there . You just need reminders is all .
Massive Expansion Project Will Extend Pueblo Viejo’s Tier One Life Beyond 2040
Barrick’s $2.1 billion investment12 in the expansion of the Pueblo Viejo gold mine in the Dominican Republic — of which the process plant portion is now largely complete — is designed to deliver a totally transformed asset capable of ramping up production to an annual 1 million ounces and averaging 800,000 ounces per year over a life that is expected to extend to the 2040s.4
The reinvention of Pueblo Viejo is all the more remarkable says Mark Bristow, because at the time of the merger with Randgold in January 2019, the mine was facing closure: its vast resources could not be converted to reserves because it did not have the necessary tailings storage capacity.
“We tackled the mine’s challenges head-on. Chief among these was securing a site for a new tailings storage facility, which required lengthy consultation and negotiation with the regulatory authorities as well as the affected communities. Once the site was selected, we completed an Environmental and Social Impact Assessment in line with the government’s terms of reference, and we expect a decision towards the middle of this year,” Bristow said.
“Equally remarkable has been Pueblo Viejo’s steady upward trajectory, in the midst of the expansion project, in all other areas of its business. Despite having to manage multiple tie-ins, the team has achieved record throughput levels from 2019 to 2022. At the same time, it has also been transitioning to a local and more diverse workforce, in line with Barrick’s global policy. It now has a 98% Dominican workforce with a female representation of 23%, up from 11% in 2019.”
Pueblo Viejo is the first Dominican mining company to be awarded the highest level of gender equality certification by the country’s Ministry of Women and the United Nations Development Programme, for three consecutive years.
Nor has its commitment to its host communities faltered, says Bristow. Eight community development committees have been formed in line with Barrick’s sustainability strategy. Notable projects include the construction of the Zambrana medical clinic and the Sabana del Rey potable water treatment plant, the electrification of 21 rural villages and the establishment of an educational fund for scholars and students from the communities.
Pueblo Viejo is also continuing to reduce its greenhouse gas emissions through the conversion of its power plant and lime kiln to use liquid natural gas.