SANTO DOMINGO.- The lower Chamber yesterday ratified the amendment to the Special Mining Rights Rental  Contract signed March 25, 2002, between the Dominican State, the Central Bank, Rosario Dominicana, S.A. and Placer Dome Corporation, though which the latter transfers its rights to the mine in Cotuí (northeast) to Barrick Gold.

The Chamber approved the motion 115 to 11, whereas Sanchez Ramirez province deputies Rafael Molina and Cristian Paredes voted against the contract’s ratification, claiming it didn’t specify the mining operation’s compensation for environmental damages caused to an area of around 10 square kilometers.

Congress approved the original contract on August, 26, 2002 and the Senate already ratified the amendment submitted on June 17, and includes the company’s new name Pueblo Viejo Dominicana Corporation, which will pay the Government 50% of the project’s net earnings.

The amendment also includes the creation of a Fund of Guarantee, with 10% of the bunds received by the State, to cover environmental liabilities and plan for closing the mine.

Canada-based Barrick Gold and Goldcorp conform Pueblo Viejo Dominicana Corporation after the purchase in 2005 from the also Canadian company Placer Dome.

The change also implies a substantial increase in the projected investment, from the US$1.35 billion announced by Placer Dome to Barrick’s projection of US$2.7 billion.