All amounts expressed in U.S. dollars unless otherwise indicated.
TORONTO (Marketwire).- Barrick Gold Corporation today announced it has achieved commercial production at its 60 percent owned Pueblo Viejo mine in the Dominican Republic.
"This is another major milestone at this truly world-class mine," said Jamie Sokalsky, President and Chief Executive Officer of Barrick. "We are pleased to have successfully completed Pueblo Viejo last year, in line with guidance, and now also to have reached commercial production."
Pueblo Viejo was completed at a capital cost of $3.7 billion and created more than 11,000 direct jobs during the construction phase of the project. The operation is expected to support about 2,000 direct jobs plus nearly 10,000 indirect jobs over its +25 year mine life, with Dominicans accounting for nearly 90 percent of the full-time workforce.
Since 2008, Pueblo Viejo Dominicana Corporation (PVDC) has invested over $7 million in projects to improve healthcare, housing and literacy and allocated a further $75 million to remediate environmental impacts from a former mining operation on the site.
Pueblo Viejo Highlights
(All figures are Barrick's 60 percent share unless noted)
- Ramp-up to full capacity is expected to occur in the second half of 2013 and production for the year is anticipated to be 500,000-650,000 ounces1
- Barrick's share of annual production in the first full five years of operation is expected to average 625,000-675,000 ounces
- 25.3 million ounces of reserves (100 percent basis) as of year-end 20112.