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Santo Domingo.- The head of Barrick Gold’s local operation affirmed  Monday that during its mining contract period the country will receive an estimated US$11.0 billion, based on current gold prices.

Barrick Gold Pueblo Viejo CEO Manuel Rocha said the agreement with the Dominican Government includes a percentile distribution, for which higher gold prices benefit both parties.

He confirmed recent reports that mining has already begun, with a projected extraction of one million ounces of gold this year. The mine's proven reserve is 25.3 million ounces of gold, 88 million ounces of silver and 455 million ounces of copper.

Interviewed by eldia.com.do, Rocha said prior to the start of the work, Barrick Pueblo Viejo made an equity investment of between US$3.6 billion and $3.8 billion, the largest in the country’s history.

He said as a publicly traded company, all of Barrick Gold’s financial information ha to be confirmable.

Percentage

He affirmed that the Dominican government will receive 3.2 percent of gross production, 25 percent for income tax and 8.75 percent from net earnings.

As an example the executive cited other benefits for the country, such as the mine employees paid more than RD$900 million in income tax during construction.

Good intentions, bad information

As to criticism of the Barrick contract, Rocha said, "many people have acted with good intentions and bad information" so that the company is ready to provide all data on its financial operations.

Fix the previous miner’s damage

Rocha said Barrick Pueblo Viejo has spent US$75 million to mitigate Rosario Dominicana’s environmental damage, which he described as years of inappropriate extraction. "The first environmental remediation phase was completed in the area where the previous operation worked, which was closed without taking the required processes into account."

He added that 11,000 direct jobs were created during the mine’s construction phase, with 1,900 direct and 10,000 indirect jobs during operations.

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COMMENTS
21 comment(s)
Written by: jasfalon, 22 Jan 2013 10:41 AM
From: United States
The PEOPLE of the Dominican Republic to get the $11B???????????
Written by: Slick, 22 Jan 2013 11:21 AM
From: Dominican Republic
Yeah, right.........
Written by: josean, 22 Jan 2013 11:32 AM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016



The meant to say the Narco Political Committee of the PLD!


Written by: vegano, 22 Jan 2013 11:42 AM
From: Dominican Republic
Dude the money will be placed to work for the D.R people as long as Danilo over see it and not Leonel. Like for education, health, and deporting all illegals.
Written by: Atabey, 22 Jan 2013 11:53 AM
From: United States, Bring DT Forum Back--

11 billion dollars well spent on the nation's development should produce good results. All the infrastructure needed will not come about, so much is still needed that perhaps 110 billion dollars! is a truer sum for all the infrastructural needs, but 11 billion can go a long way in jump starting some policies in DR.



Written by: benwaballs, 22 Jan 2013 12:01 PM
From: Dominican Republic
Josean are you just a one issue individual??? Is your mind to simple to grasp more than one concept at a time? You friggin' simpleton. Everyday same shit spewed from your posts.
Written by: DomRat, 22 Jan 2013 1:28 PM
From: Dominican Republic
Hot damn Josean, you mentioned the purple party (for no discernable reason) without mention of the Metro, maybe things are looking up.
Written by: Jeanarenas, 22 Jan 2013 1:28 PM
From: Puerto Rico
11B is a measly amount compared to the cost of environmental damage stemming from such operations. The starting figure given to the Dominican people should be more to the tune of 50B.
Written by: josean, 22 Jan 2013 1:52 PM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016


"Josean are you just a one issue individual??? "

Yes the "one" issue that really matters, the NARCO PLD PLAGUE that is DESTROYING the Country!


Written by: CarpeDiem, 22 Jan 2013 1:52 PM
From: United States
benwaballs,

You certainly have capsuled Josie boy. But, you give him much to much credit. He has "NO" concepts! Look up Webster's definition of "imbecile". It fits him and a few others on this post to a "T". Don't humor him by responding to his posts. It gives him more fuel to bolster his b.s.

Ciao
Written by: josean, 22 Jan 2013 1:58 PM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016


Einstein I thought you were on hiatus?

You just can't stay away from imbecile josean eh!

Written by: hputters, 22 Jan 2013 2:07 PM
From: Iraq, IRAQ
Don't party to quickly. The 11 billioen US$ is over the life span of the mine which is estimated 30 years or so and against current gold prices. Annual it will be around 360 Milloen US$ which is not even enough to pay the outstanding amount for the Power generation companies.
If I was them (Power company) I legally claimed any dollar of this benefits until all debts will be settled. That will give the DR the so much needed 24/7 electricity!!!!!
Written by: Trujillo, 22 Jan 2013 6:09 PM
From: Dominican Republic
And this is considered bad news too? Some people are still misinformed. They're either closed-minded or simply dumb.
Written by: WalterPolo, 22 Jan 2013 6:33 PM
From: Dominican Republic, Puerto Plata
That's pocket change compared to what politikeros can steal.
Written by: CarmenReyes, 22 Jan 2013 8:03 PM
From: Dominican Republic, Santiago
I hope Danilo has a guarda espalda. This will likely cause his death so the Cow Margarita and the Snake Leonel can loot some more.

Written by: rokete, 22 Jan 2013 8:13 PM
From: Dominican Republic, (( DEPORT THE HAITIANS, BUILD THE BORDER WALL ! )) The only thing necessary for the triumph of Haitian evil is for good Dominican men to do nothing.
This is a mixed bag here.

Lets hope the money is used in providing permanent benefits (vis a vis), for the permanent damages.

Such as the benefits of infrastructure, roads and rail lines to interconnect the country, mega docks for exports, education, and so on.

Written by: THINK, 23 Jan 2013 3:06 AM
From: United States, SDQ -- Mia --NY

So many watch dogs are figuring how to bite the meat??????
Written by: originalmrb, 23 Jan 2013 11:44 AM
From: Canada, Ontario
All you folks who jump all over Jose are missing his point delivered with a savage wit. And take note that Jose rarely - if ever - delivers his message and rebuttles with the vulgar personal attack that others resort to.

Yes his monocular vision is legendary. But without people - such as Jose - the general population would fall into complacency far too easily. Jose keeps our eyes on the horizons - ahead and behind.

Good on ya Jose, but just remember, that absence of evidence is not evidence of absence. Things could be on a subtle upswing. They sure look as if they are.

I know, I know...you're from Missouri. LOL.
Written by: josean, 23 Jan 2013 12:19 PM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016

originalmrb,


Thank you!

I sure hope you’re not an FBI Profiler!

Interesting how some of my critiques complain about “one issue josean” while others complain I comment on everything!


Written by: originalmrb, 23 Jan 2013 12:55 PM
From: Canada, Ontario


LOL.... Nah..... I feel that profiles are rarely flattering. LOL

And, as for those who offer such contradiction on the one issue vs. the many; they may be doing so because their one is their all encompasing, so it is, therefore, their singular everything.

Now I'll need to lie down. I have a brain cramp.

Written by: hellborn25, 26 Jan 2013 5:24 PM
From: United States, New Jersey Home of the brave.
n by: jasfalon, 22 Jan 2013 10:41 AM
From: United States
The PEOPLE of the Dominican Republic to get the $11B???????????

When have you ever heard of the people getting money from a private company ,or coal mining company for that matter? all that money is going to the government hopefully it could stimulate the economy .
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