Santo Domingo.- As talk of revising Dominican Republic’s mining contract wit Barrick Gold intensified when the Senate joined the Chamber of Deputies’ position yesterday, the Mining Agency announced proven mineral reserves of over a whopping US$60.0 billion.
And while civil society sectors and La Vega province senator Euclides Sanchez spearhead the effort by demanding higher benefits for the country, Canada ambassador Georges Boisse cautioned that international investors await the local outcome in Barrick’s case.
For American Chamber of Commerce (AmCham-DR) president Julio Brache, it’s up to the two parts to agree on contract revision.
Mining Agency director Alexander Medina affirmed that at current prices the country’s reserves top US$60.0 billion
Speaking in AmCham-DR’s monthly luncheon, the official noted that this year the sector’s contribution of will grow tenfold to 2% of GDP.
Lecturing on the topic "Mining: an opportunity for national development," Medina announced the start of a gold, silver and copper mining project at Las Lagunas, in Pueblo Viejo (central), by Australia based Panterra Gold this year.
He also announced resumption of bauxite extraction at Las Mercedes, Pedernales (southwest), in addition to Xstrata Nickel’s new project and gold finds at San Juan and Restauracion (west). "It is this mineral wealth which will be exploited and exported in the coming years, which is a real opportunity for national development down the road."
Nonmetallic
Regarding non-metallic mining, the official said there are 50 companies producing cement, aggregates, limestone, ornamental rocks, calcium carbonate lime, gypsum and ceramics.
Written by: RoyStone, 31 Jan 2013 7:41 AM
From: Australia
So now that Barrick has already spent millions on the project, the government wants to change the rules mid-game, because their prospects are looking good? And if it turned out to be uneconomic for Barrick, the government would cover some of their losses?
How Duminican is that!
Written by: telemeco, 31 Jan 2013 7:46 AM
From: Dominican Republic, Monte Plata
Roy: what are the Aussie doing so far away from the outback?
Written by: josean, 31 Jan 2013 7:50 AM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
Don't get nervous Roy these PURPLE Thieves are just placating your "feral peasants!"
The Rip-off is safe!
Written by: RoyStone, 31 Jan 2013 8:06 AM
From: Australia
telemeco,
you can't get much further out back then the Duminican Republic.
Written by: Atabey, 31 Jan 2013 9:15 AM
From: United States, NYC
$60 billion proven reserves. A nice piece of action. Now don't blow it with these anti-capitalist rants. When a nation has so many obstacles and self-created problems in tax collection and effort, these deals are essential for the future. One way of paying for modernity and development is via the "rents" or "cut of the action" that these foreign enterprises provide the central and local governments. These revenues can then be used to develop and fund much needed areas such as education, transportation, sanitation, and other infrastructure.
Don't blow it.
From: Dominican Republic, Puerto Plata
Legally, there is no such thing as a contract "revision" unless agreed to by both parties.
Only in DR.
From: Dominican Republic, calle A.Portes
yes,,I do understand that the contract was signed by both parties but it is worth a try for the government to point out to Barrick that their investment has been paid off much sooner than was expected by either party, and that they could commence paying tax before the rate increases...sounds as if I am getting a little more Dominican every year .
From: United States, FREEPORT, Long Island.... ((You're blind to the fact that you're blind))
451 mining projects and we are still a third world country
I remember an article stating we signed this contract at 1500 on a Ohhhzeee
From: United States
Ese fue el contrato mas leonino jamas firmado en Rep Dominicana..
Hasta ahora la barrick no ha dado trabajo en la zona, pues trajo a suis peruanos y solo ha hecho contaminar los rios y sembradios, y enfermar a sus propios empleados..
Si la Barrick trajera prosperidad a la comunidad o a alguien otro gallo cantara!
Written by: josean, 31 Jan 2013 1:20 PM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
"Written by: WalterPolo, 31 Jan 2013 9:43 AM
From: Dominican Republic, Puerto Plata
Legally, there is no such thing as a contract "revision" unless agreed to by both parties.
Only in DR."
Wrong!
Nationalization is recognized right of sovereign States under International Law!
"Nationalization (British English spelling nationalisation) is the process of taking a private industry or private assets into public ownership by a national government or state.
Nationalization usually refers to private assets, but may also mean assets owned by lower levels of government, such as municipalities, being transferred to the public sector to be operated and owned by the state. The opposite of nationalization is usually privatization or de-nationalization, but may also be municipalization. Industries that are usually subject nationalization include transport, communications, energy, banking and NATURAL RESOURCES"
wikipedia.org/wiki/Nationalization
From: Dominican Republic, calle A.Portes
Nationalisation by force and without paying the proper price is a very dangerous path to follow..we now only need to look at the plight of Argentina who cannor raise a peso overseas at three times the interest the DR needs to pay
Written by: RoyStone, 31 Jan 2013 6:06 PM
From: Australia
"we now only need to look at the plight of Argentina"
Absolutely, Ricky.
The Barrick operation is not only of benefit to the country through taxation. They are cleaning up the environmental mess left by the Duminican operation, providing employment, training, schools, permanent infrastructure, and will restore the site after operations cease, to better than it was before.
Written by: josean, 31 Jan 2013 6:23 PM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
Roy,
You wouldn't happen to have some type of relationship or interests with Barrick?
From: United States
"Written by: RoyStone, 31 Jan 2013 6:06 PM
From: Australia
The Barrick operation is not only of benefit to the country through taxation. They are cleaning up the environmental mess left by the Duminican operation, providing employment, training, schools, permanent infrastructure, and will restore the site after operations cease, to better than it was before.'
-Clean up environmental? What about the new cyanide red river of Barrick?
-building schools? => where and which ones?
-training? =>To whom?not dominicans for sure with a very high unemployment in that area, worst than before
-permanent infrastructure? where,? what are the name of the streets?which town are favored?
-employment? => have you seen the news lately, and why are the riots about??
Have you seen the forum?
I dont know what country roy is speaking about , but CERTAINLY he s not talking about D.R. for SURE!
Roy, You have NO IDEA of what are you talking about!
Written by: RoyStone, 31 Jan 2013 10:20 PM
From: Australia
" What about the new cyanide red river of Barrick?"
There is no cyanide in any Dominican river from the Barrick project. Regardless cyanide is not red. A recent bunch of protesters were invited in to view the site. Not one has produced any evidence of cyanide in any river.
From: United States
LOL..
I am cracking up!
Have you seen the forum here in DT?
OMG ! roy, you are so hilarious!
Thanks buddy..You really put a smile in my face!
Written by: RoyStone, 1 Feb 2013 4:44 AM
From: Australia
ohhhvictor,
Since when has the forum on DT been a reliable scientific paper? Even you post on it.
Written by: josean, 1 Feb 2013 7:08 PM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
Now Roy that was a low blow!
Written by: airgordo, 2 Feb 2013 3:10 PM
From: Dominican Republic
Written by: RoyStone, 31 Jan 2013 6:06 PM
From: Australia
"we now only need to look at the plight of Argentina"
Absolutely, Ricky.
The Barrick operation is not only of benefit to the country through taxation. They are cleaning up the environmental mess left by the Duminican operation, providing employment, training, schools, permanent infrastructure, and will restore the site after operations cease, to better than it was before.
--
WRONG, WE ARE TOO, you should read the contract then post on this subject, just like i have, there is a split cost on the supposed cleaning, we have to pay 75 million to them TOO, they will not pay for water and will not give a sh!t UNTIL the FULL investment they claim to have done on those giant rice pressure cookers is recovered...so, we have nothing more here than plain robbery, this contract can be demolished by opeing a trial where it is proven that people got money to sign... if there is will to do so
Written by: airgordo, 2 Feb 2013 3:13 PM
From: Dominican Republic
The thieves from the Barrick Gold MUST BE FORCED to go back to THEIR PREVIOUS contract, the one that was signed with Placerdome WHICH THEY BOUGHT years ago!! that one was a Far better contract, otherwise they should be stopped on their tracks and a NEW CONTRACT signed with someone else which actually provides the FAIR BENEFITS to the owner of the F@CKING GOLD!!
Written by: josean, 2 Feb 2013 3:25 PM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
aigordo,
Was the original contract with Placerdome a 57/43 in favor of the Dominican state?
And who decided renogociated that contract?
.
Written by: airgordo, 2 Feb 2013 3:50 PM
From: Dominican Republic
Original contract gave about 25% of the benefits to the DR, this one gives someting like 3.5% !! on top of that the benefits were inmediate not like now that the DR has to WAIT until they pay themselves what THEY say is the investement, that figure begun with 700 million and NOW they are claiming close to 4 billion on "investment" is like a snowball, these thieves say to the ignorants that they will also pay 28% of the ISR, impuesto sobre la renta BUT what they don't say is that this tax is paid OVER BENEFITS, if they declare that there was NO benefit, THERE IS NO TAX!! that also covered IN FULL, the fixing of the mess left by Rosario Dominicana, WE DID NOT HAVE TO PAY A F@CKING DIME!!
The contract was renegotiated BY LEONEL FERNANDEZ which should be put to trial for HIGH TREASON along with his buddy on the PRD, Miguel Vargas, those two passed the contract by instructing the headless sheep like congress people to vote on it BECASUE THE PARTY WANTED
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How Duminican is that!
Don't get nervous Roy these PURPLE Thieves are just placating your "feral peasants!"
The Rip-off is safe!
you can't get much further out back then the Duminican Republic.
Don't blow it.
Only in DR.
451 mining projects and we are still a third world country
I remember an article stating we signed this contract at 1500 on a Ohhhzeee
Ese fue el contrato mas leonino jamas firmado en Rep Dominicana..
Hasta ahora la barrick no ha dado trabajo en la zona, pues trajo a suis peruanos y solo ha hecho contaminar los rios y sembradios, y enfermar a sus propios empleados..
Si la Barrick trajera prosperidad a la comunidad o a alguien otro gallo cantara!
"Written by: WalterPolo, 31 Jan 2013 9:43 AM
From: Dominican Republic, Puerto Plata
Legally, there is no such thing as a contract "revision" unless agreed to by both parties.
Only in DR."
Wrong!
Nationalization is recognized right of sovereign States under International Law!
"Nationalization (British English spelling nationalisation) is the process of taking a private industry or private assets into public ownership by a national government or state.
Nationalization usually refers to private assets, but may also mean assets owned by lower levels of government, such as municipalities, being transferred to the public sector to be operated and owned by the state. The opposite of nationalization is usually privatization or de-nationalization, but may also be municipalization. Industries that are usually subject nationalization include transport, communications, energy, banking and NATURAL RESOURCES"
wikipedia.org/wiki/Nationalization
Absolutely, Ricky.
The Barrick operation is not only of benefit to the country through taxation. They are cleaning up the environmental mess left by the Duminican operation, providing employment, training, schools, permanent infrastructure, and will restore the site after operations cease, to better than it was before.
Roy,
You wouldn't happen to have some type of relationship or interests with Barrick?
From: Australia
The Barrick operation is not only of benefit to the country through taxation. They are cleaning up the environmental mess left by the Duminican operation, providing employment, training, schools, permanent infrastructure, and will restore the site after operations cease, to better than it was before.'
-Clean up environmental? What about the new cyanide red river of Barrick?
-building schools? => where and which ones?
-training? =>To whom?not dominicans for sure with a very high unemployment in that area, worst than before
-permanent infrastructure? where,? what are the name of the streets?which town are favored?
-employment? => have you seen the news lately, and why are the riots about??
Have you seen the forum?
I dont know what country roy is speaking about , but CERTAINLY he s not talking about D.R. for SURE!
Roy, You have NO IDEA of what are you talking about!
There is no cyanide in any Dominican river from the Barrick project. Regardless cyanide is not red. A recent bunch of protesters were invited in to view the site. Not one has produced any evidence of cyanide in any river.
LOL..
I am cracking up!
Have you seen the forum here in DT?
OMG ! roy, you are so hilarious!
Thanks buddy..You really put a smile in my face!
Since when has the forum on DT been a reliable scientific paper? Even you post on it.
Now Roy that was a low blow!
From: Australia
"we now only need to look at the plight of Argentina"
Absolutely, Ricky.
The Barrick operation is not only of benefit to the country through taxation. They are cleaning up the environmental mess left by the Duminican operation, providing employment, training, schools, permanent infrastructure, and will restore the site after operations cease, to better than it was before.
--
WRONG, WE ARE TOO, you should read the contract then post on this subject, just like i have, there is a split cost on the supposed cleaning, we have to pay 75 million to them TOO, they will not pay for water and will not give a sh!t UNTIL the FULL investment they claim to have done on those giant rice pressure cookers is recovered...so, we have nothing more here than plain robbery, this contract can be demolished by opeing a trial where it is proven that people got money to sign... if there is will to do so
Was the original contract with Placerdome a 57/43 in favor of the Dominican state?
And who decided renogociated that contract?
.
The contract was renegotiated BY LEONEL FERNANDEZ which should be put to trial for HIGH TREASON along with his buddy on the PRD, Miguel Vargas, those two passed the contract by instructing the headless sheep like congress people to vote on it BECASUE THE PARTY WANTED