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Santo Domingo.– The world's largest gold miner Barrick Gold has set its sights on bringing the Pueblo Viejo gold project in the Dominican Republic into production in the second half of 2011, company executive VP exploration and corporate development Alexander Davidson said.

Pueblo Viejo, which is set to cost nearly US$2.7bn and has a construction period of 3-3.5 years, will represent the largest foreign investment in the country.

An accelerated procurement plan is underway at Pueblo Viejo, with most long lead time items already secured, Davidson said in his webcast speech at the Denver Gold Forum.

Proven and probable reserves at the project stand at 20.4Moz gold, 117Moz silver and 424Mlb copper, although through exploration work new ounces are still being identified, Davidson added.

Pueblo Viejo is designed to process up to 24,000t/d of ore and will churn out 1Moz/y gold during the first five years of production, at cash costs of US$275-300/oz. Barrick is the operator and 60% owner of Pueblo Viejo, with Vancouverite Goldcorp holding the remainder.

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COMMENTS
8 comment(s)
Written by: josean, 13 Sep 2008 11:22 AM
From: United States
Comprando a precio de vaca muerta eh Lie-onel!
Written by: dreadlocks, 14 Sep 2008 5:15 PM
From: United States
i guess by the arithmetic, the entire operation is foreign owned. way to go, Leo. i guess we did at least get a little comision for the sellout.
Written by: JimHarrington, 14 Sep 2008 5:38 PM
From: United States
And a lot of pollution and contamination for a few dollars.

Remeber that the old mess under Mina Rosario still hasen't been cleaned up.
Written by: dreadlocks, 14 Sep 2008 5:46 PM
From: United States
well, Jim, you know that dominican politicians do not really care what happens to the country as long as they get their few dollars. they will sell out the entire country for a bag of shells. it is like the manhattan sale all over again.
Written by: anthonyC, 15 Sep 2008 10:02 AM
From: United States
WOW!

You guys sure are jealous.
Written by: dreadlocks, 15 Sep 2008 10:16 AM
From: United States
my word for the day for you , anthonyc; nintendo.
Written by: modpaz, 23 Sep 2008 7:50 AM
From: Dominican Republic
Let be realistic, were is the Dominican Republic goin to get 2.7 billion dollars to invest in a gold mine. and if we were to have the money the polititian involved would of taken all the gold any way and profit would not be seen. On the other hand Leonel did MAKE THE RIGHT dicition on privitizing the mine and receive percent of the gold. same thing with the toll booth and airports. why do you think that our air line Dominicana de Aviacion went bankrupt?
Written by: dreadlocks, 23 Sep 2008 8:43 AM
From: United States
modpaz., the article says that 2.7 billion is the figure which the external operators plan to invest. firstly, where does it say that the mining operation cannot be started up for less than that figure, if it is scaled down? secondly, it does not mean that the 2.7 billion has to be raised all at once. this investment is projected over several years.
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