Barrick has earmarked an initial $1 billion to expand the life of its Pueblo Viejo gold mine in the Dominican Republic into the 2030s and beyond, the Canadian miner said Tuesday.
The capital will go towards the expansion of the mine's processing plant and tailing capacity. Barrick expects to complete a feasibility study for the expansion project during 2020.
Barrick manages the mine, which is a joint venture with Newmont Goldcorp.
Mark Bristow, Barrick CEO, said the JV partners had already invested $5.2 billion in Pueblo Viejo, which represents almost 20% of the total foreign direct investment in the Dominican Republic over the past 10 years.
Since 2013 the mine has accounted for 30% of the country's exports, and generated a net added value of $5.7 billion and a total net added value of $8.5 billion, equal to 2% of the country's gross domestic product.
