Santo Domingo.- The Dominican government on Thursday cautioned that although it respects legal security for investments, it’s fundamental role is the defense and the nation’s assets.
As to the Barrick Gold mining contract, Presidency Administrative minister José Ramón Peralta said the government has held friendly talks with the Canada-based company, but didn’t specify the results.
He stressed that though agreements must be respected, they shouldn’t affect the population’s interests.
In that regard, Dominican Republic Export and Investment Center (CEI-RD) director Jean Alain Rodriguez said a review of Barrick’s contract will not affect foreign investment.
"Foreign investment levels are highly competitive. In 2012 we closed with around US$3.5 billion in investments, accounting for 60 percent of investment in the Caribbean," he said, in reference to legal security
He added that some investors remain confident in the DR as an investment destination.
Negative signal
But for Fernando Gonzalez Nicolas, president of the Roundtable of Commonwealth Countries in the Dominican Republic, the proposed review of recently negotiated contracts and agreed to with prominent companies, sends a weak signal to potential investors.
"To review recently formalized contracts could indicate a lack of institutionalism, formalism and continuity of government. These two elements are essential to attract foreign investment," the business leader said.
The statements were provided during the Energy Forum hosted by the Institute of the Americas.
Written by: zooma, 1 Feb 2013 8:00 AM
From: United States
Dominican contracts are written on flash paper with disappearing ink. No matter how well the Dominican spin doctors can bandage the signals this review and renegotiate behavior sends to the investment community, both foreign and domestic. The message turns away potential investors, period.
Written by: jasfalon, 1 Feb 2013 8:01 AM
From: United States
So what?
Who cares about attracting foreign investors who want to screw the Dominican people, like most have done?
F@ck foreign investors!
Written by: Atabey, 1 Feb 2013 8:18 AM
From: United States, NYC
Dominicans complain about taxes being too high. The rents collected from these resources help the State provide the services and infrastructure for current and future prosperity. Send bad signals to foreign investors and reap poor results.
Written by: zooma, 1 Feb 2013 8:21 AM
From: United States
The screwing of the Dominican people comes from within.
From: Dominican Republic, calle A.Portes
jasfalon has really summed up the ignorance of many Dominicans about foreign investmen . The Barrick conrract does not screw the Dominican people,What it does is give the company time to recoup its large capital investment before it starts paying tax and a share of profits . The recoupment of capital made by the total depreciation of its fixed assets here can be made in a variety of ways but with the surge in gold prices . the depreciation can now be made against profits and the profit would still be way higher than was thought of when the contract was signed . Good luck for Barrick ..yes .
And a bd move by the DR could see the DR starved of valuable capital in the same way as Argentina is starved as a result of the immoral business conduct . But a skilled negotiator still may be able to bring forward the date that Barrick starts paying tax and profit shares by renegotiating some other clauses or giving them some preferences in exporation etc It is worth a try .
Written by: planner, 1 Feb 2013 8:56 AM
From: Dominican Republic, Puerto Plata
What a load of CRAP. Of course it effects investment! No company wants to spend time and money to negotiate a contract while knowing that at some future point these morons can change the rules of the game.
They are behaving like idiots!
Written by: josean, 1 Feb 2013 9:01 AM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
Nationalize this precious one in a life time resource like Saudi Arabia did with its oil via Aramco!
These minerals are our Oil!
Written by: Atabey, 1 Feb 2013 9:14 AM
From: United States, NYC
Written by: Ricardolito, 1 Feb 2013 8:30 AM
From: Dominican Republic, vieja Santo Domingo,
Written by: planner, 1 Feb 2013 8:56 AM
From: Dominican Republic, Puerto Plata,
As a Dominican it pains me to see sooooooooo many ill thought out expressions regarding how foreign investment works. The Leftist and irrational nationalist arguments that have kept us in the rear seat of progress is all too evident in their thoughts. Its the same spring that led to rejection of the 1966 offer to join PR and the US in a triangular trade agreement. Dominicans will too often be first to kill the goose and think of its potential future eggs as some wild idea hatched up by devious foreigners.
The rents collected by the Dominican State will help keep taxes from raising too fast, and pay for infrastructure and other much needed services, transfers, for the people.
From: United States, Vivir sin Patria, es lo mismo que vivir sin Honor.
Nationalize our natural assets/resources, we have to create our own mining industry......F@#k the Canadians
From: United States
That was the WORST contract ever signed by the Dominican government..
After the extraction of millions on oz of gold , destroy thousand of acres of land, relocating thousand of families and 5 years of extractions, Dominicans will BEGIN to see any small earning from Barrick Gold..,
It's like having the best location in agora or bella vista mall and tell the owner on the mall that I will pay in 5 years,...After I make my money..
Only in D.R. !
From: United States
says Magna Cum Loudmouth
As a Dominican it pains me to see sooooooooo many ill thought out expressions regarding how foreign investment works.
and i guess that you are now the authority on FDI. did i not burn your ass down on this subject once before, and have you run away like a scared chicken? as much as victor is a nitwit, at least i have to give him credit for his ideas on this. that means that on the scorecard of intelligent remarks, it is victor 1, Ataboob 0.
From: United States
remember this, Magna?
1...give me a breakout of FDI, by economic sector
2...give me the opportunity costs associated with attracting said FDI to these shores
3..tell me if the FDI is market seeking, or resource seeking..
4...give me a relative breakout of debt equity swaps as a portion of FDI
5...Give me some information regarding the Crowd In effects , vis a vis foreign firms, and tyhe Crowd Out of local manufacturers
6..tell me what backward, and forward linkages have been developed, to enhance the performance of the local economy
7...tell me about the efficacy of technology transfer occasioned by the aforementioned F
From: United States
a good place to start would be to explain the horizontal, and vertical linkages, and the ability of the local population to incorporate disembodied, and embodied technologies
7 tell me about the effects of the creation of a dual economy, where relatively advanced MNEs, with superior best practices methodologies, seek to operate within an economy characterized by information asymmetry
8 ..give us your take on the speed at which you think diminishing returns to capital will set in, given the relative underdevelopment of the human capital sector
9...give us an idea of the consequences on the performance of the agricultural sector, occasioned by urban drift, due to the locational tendencies of the MNEs
give your take on the absorptive capacity of best practices methodologies, given the discrepancies in technological state between the host country, and the lender countries. you can simplify this part, by ventilation the fol
From: United States
b...the human capital presence
c...the stste of development of the financial institutions
d..the state of development of governmental institutions
e information asymmetryf..the resource costs of the transfers
f..the level of formal l technological education, facilitating the technological transfers
i asked you those questions regarding FDI exactly one YEAR ago, and you are yet to offer a sentence in reply. now you speak about other people's lack of understanding of FDI?
Written by: Atabey, 1 Feb 2013 10:44 AM
From: United States, NYC
Saith The Vlakas Dready,
Blah, Blah.
Now you want to add DR to your list of disasters in the Caribbean. Isn't one Greek island in the Caribbean enough!
Go peddle your thoughts to Old Jamaica.
From: United States
now there is an intelligent reply, after a whole year. Atabey, the matter is very simple. my quest in this site is to expose you as a fraud, and a know nothing moron. it is to reduce you to a state of irrelevance. it is to diminish you to the point that the best you can do is to post silly, irrelevant pictures, and refer to the same tired old things, day after day. look at you now. the best you have done in the last month is to repeat, day in, day out, that Jamaica has a national debt problem. we get the picture. time for you to try to offer some sensible remarks, since the problems there do not help improve conditions here. it does not matter if they have a national debt that is higher than GDP. so does Japan. what matters is that you contribute NOTHING here. your little myth that you graduated University with a Masters degree is now proven to be a laughable fallacy. get thee hence, know nothing.
From: Canada
OMG... Magna cum loudmouth?
I nearly spit my tea out when I read that. Great line! Thanks.
From: United States
you are welcome, originalmrb. it was low hanging fruit.
From: Canada
Every government is charged with the long term trade welfare of their nation. Obviously this contract with Barrick was written before the last election. If it does indeed preclude the notion of national well being, then it should -at least - be reviewed.
Yes there is sanctity in contract law. But if it can be proven that there is a case of collusion, or other illegalities, then it should be re-written. If there is nothing wrong, then leave it alone. But don't just take it on blind faith that corruption bypassed this one.
This sounds like a case of the new government lifting the rug - to see what's hiding underneath - which clearly sends a strong message to shady investors and their exploitive intentions. It says that the RD is no longer a place to explore self serving opportunities. If the RD is willing to kick Barrick in the pants, then all others need to think twice about investing - unless they are upstanding corporations who actually do benefit the RD and her people.
From: United States
absolutely, originalmrb. contracts should no tbe exempt from periodic review. when Jamaica signed the bauxite deals with the US companies in the early 50s, there was a clear case of information asymmetry. the Americans knew the fair value of bauxite, while the Jamaicans had no access to the technology, and the real value of the raw material. the Americans did their homework, and offered the then Prime Minister, Sir Alexander Bustamante, virtually nothing per ton. it was a clear case of capitalizing upon the knowledge that Bustamante was not a highly educated man, and did not know what he was selling. when Michael Manley became Prime Minister 20 or so years later, he demanded that the contract be revised, to give Jamaica a fair price for a dwindling an irreplaceable asset, after having hoodwinked the country for so many years. he declared the contract to have been negotiated in bad faith. if Dominicans feel the same way, it is their responsibility to hold out for better.
From: Canada
As for “F foreign investment”:
This says more about the authors understanding of international interdependent trade relationships than anything else. But I understand the emotion it was written under. The writer has obviously fled the RD to the USA for prosperity – a nation who itself is now suffering the affects of too much dependence on others. It hurts when you think that you’re the best, and that you alone are exclusively in charge of your destiny - only to find out that your belief is merely a tissue of spoon fed lies based on grand misdirection, double-speak, and nationalistic tub-thumping. So, I understand the impetus for that exultation, and I also understand the naive dream of the grass being greener.
Sure it would be nice to be autonomous and thumb your nose at the world, but there are not too many nations who can claim independence without being guilty of uttering a lie. We live in a give with the right, receive with the left world. And thank goodness, says I.
From: United States
SANTO DOMINGO.- La Cámara de Diputados hará todo lo que esté a su alcance para que sean revisados los términos del contrato de explotación de la mina de Pueblo Viejo, Cotuí, por parte de la Barrick Gold Corporation, a fin de que los mismos sean más favorables para el Estado Dominicano y por consecuencia al interés nacional, anunció el titular de ese organismo. Abel Martínez, ofrecer la información, explicó que el Congreso Nacional, de acuerdo al artículo 93 de la Constitución puede aprobar o desaprobar los contratos que le someta el Presidente de la República, de conformidad con lo que dispone el articulo 128, numeral 2), literal d), así´ como las enmiendas o modificaciones posteriores que alteren las condiciones originalmente establecidas en dichos contratos al momento de su sanción legislativa”.
From: United States
Uno de los aspectos que sería revisado por el organismo es el que consigna que cuando la compañía haya recuperado toda su inversión, y haya obtenido una tasa interna de retorno de un 10% comenzaría a pagar al Estado un 28.75% de participación en las utilidades netas y el 25% del impuesto sobre la renta
Uno de los aspectos que sería revisado por el organismo es el que consigna que cuando la compañía haya recuperado toda su inversión, y haya obtenido una tasa interna de retorno de un 10% comenzaría a pagar al Estado un 28.75% de participación en las utilidades netas y el 25% del impuesto sobre la renta
Cabe resaltar que cuando fue firmado el contrato original el precio del oro estaba en los 300 dólares la onza troy, y en la actualidad se cotiza a 1,654 la onza.
Source: noticialibre.com/?p=108657
From: United States
New Post:
Santo Domingo.-El presidente del Partido Dominicanos por el Cambio (DxC), Eduardo Estrella, demandó la renegociación inmediata del contrato de la Barrick Gold, para que se pague un precio justo por nuestro oro y que de esa manera salga en defensa del interés nacional
“Ante la estafa que significa este contrato, desde el aspecto económico y medioambiental, no es posible, con las precariedades que vive la mayoría de la población y con el aumento de los impuestos, que sencillamente la Barrick Gold si se deja el contrato como esta, en solo tres años, recuperaría su inversión multimillonaria,
Sugirió un modelo sencillo de renegociación con esta empresa, donde el Estado reciba el 50% de las ventas brutas y la Barrick Gold el otro 50%, ya que de esta forma el Estado dominicano podría recibir solo por este concepto la suma de 30 mil millones de pesos cada año
Source; noticialibre.com/?p=106104
From: Dominican Republic, calle A.Portes
Just as an example ,it aggravated the Australian government that the mining companies , mainly based in Western Austraalia were rolling out enormous profits,epecially after they had finished their tax holiday and the mining was on non renewable ores so , apartt from the normal company tax which as most people know id diluted as profits are moved offshore, the Australian government was getting very little /
so regardless of all contracts they introduced a new taxon super profits at 30% ..and it passed parliament and now the Australians are sharing more fairly in the mining boom , which is only transitory .
The opposition said the super tax would affect future investment but it has not . I think we need the same thing here .
Written by: rokete, 1 Feb 2013 5:08 PM
From: Dominican Republic, Santo Domingo
Want to make something constructive out of this extraction, in the best interest of the Dominican people?
How about enforcing in the contract, that the mining company outsource a Jewelry company, so that we can export the gold in finished goods, with a higher value.
This would create jobs for Dominicans, and more taxes for the government.
Written by: TXinDR, 1 Feb 2013 6:50 PM
From: United States
There are some serious idiot Dominicans that post to this web site. Like crabs crawling out of a bucket pulling each other back down. Foreign investment is the only tide that will raise the standard of living of Dominicans and save them from themselves.
From: United States
TXinDR:
Una cuestion es inversion extranjera, y otra saqueo..
El contrato de la barrick es el contrato mas leonino e inverosimil jamas firmado en rep Dom...
Written by: josean, 1 Feb 2013 7:06 PM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
"Foreign investment is the only tide that will raise the standard of living of Dominicans and save them from themselves."
IDIOT It hasn't happened since 1492!
From: United States
josean, you need to learn to distinguish between serious people, and those who want to hear themselves talk. this guy was not worth addressing.
Written by: Atabey, 1 Feb 2013 7:45 PM
From: United States, NYC
Texas,
with idiots galore like the two above DR needs all the help it can get! We've been shooting ourselves left and right since 1492.
As for The Vlakas Dready, he just wants to add to the misery already in the Caribbean by wayof Jamaica.
Hopefully sensible heads will meet and put this to rest. DR would be following Argentina and other similar nations into worse off positions.
Interesting to note is how EVEN COMMUNIST CUBA signed a contract that gave foreign companies 50% of the oil they searched for in the waters off Cuba. 50%! And they are Communist!
If DR had the technology, the expertise in the field, then fine let's do it ourselves and save big time.
Written by: Atabey, 1 Feb 2013 7:49 PM
From: United States, NYC
Written by: ohhhvictor,
"One aspect that would be reviewed by the agency is the slogan that when the company has recovered its entire investment, and has obtained an internal rate of return of 10% would begin to pay the state a 28.75% share in net profits and 25% of income tax
One aspect that would be reviewed by the agency is the slogan that when the company has recovered its entire investment, and has obtained an internal rate of return of 10% would begin to pay the state a 28.75% share in net profits and 25% of income tax
Significantly, when the original contract was signed the price of gold was at $ 300 a troy ounce, and currently trades at 1.654 an ounce."
He suggested a simple model of renegotiation with this company, where the state receives 50% of gross sales and Barrick Gold the other 50%, and that in this way the Dominican state could receive just for this purpose the sum of 30 billion of pesos each year"
If no malice can be produced, DR would be wrong
From: United States
Atabey , if you rose to the level of an intelligent person, i would respond to you. my work is done. i have reduced you to what you are...an irrelevant, useless irritant, who contributes nothing to discourse. to think that a little more than 2 years ago, you came here thinking that people would take you seriously. look at you now? a guy who knows even less today than when he first got to the site. poor soul....
Written by: Atabey, 1 Feb 2013 7:53 PM
From: United States, NYC
Dready saith,
Bustamente wasn't too bright and Manley showed those Americans we Jamaican could stake our claims.
And what has happened in Jamaica EVER SINCE?
Anemic economic growth, massive emigration of professionals, a crime riddle society, foreign investments declined, and now a massive debt burden that is fast swallowing up government revenues. A death trap of interest due and bitter fruits to harvest.
You were saying?
From: United States
says Atabey
Interesting to note is how EVEN COMMUNIST CUBA signed a contract that gave foreign companies 50% of the oil they searched for in the waters off Cuba. 50%! And they are Communist!
what does being communist have to do with this? maybe they offered 50% because they thought that it was a fair way to divide the returns...jeez
Written by: airgordo, 2 Feb 2013 5:19 PM
From: Dominican Republic
Written by: Atabey, 1 Feb 2013 8:18 AM
From: United States, NYC
Dominicans complain about taxes being too high. The rents collected from these resources help the State provide the services and infrastructure for current and future prosperity. Send bad signals to foreign investors and reap poor results.
---
RENTs thats should be WAY BIGGER than that, please don't include yourself as a domincan national specially wuen you line up with the people that have screwed this country beyond imagination INCLUDDING this contract, that is your buddy leonel fernandez, i would like to know HOW MUCH of my money goes to foreing helpers like yourself...
Written by: airgordo, 2 Feb 2013 5:25 PM
From: Dominican Republic
Written by: ohhhvictor, 1 Feb 2013 7:00 PM
From: United States
TXinDR:
Una cuestion es inversion extranjera, y otra saqueo..
El contrato de la barrick es el contrato mas leonino e inverosimil jamas firmado en rep Dom...
--
Y porque si pensas eso, DEFIENDES al Maldito que lo firmo??
Written by: rokete, 2 Feb 2013 5:50 PM
From: Dominican Republic, Santo Domingo
airgordo
Way to go !! Well said!!
I wouldn't add a word to that !!
Fu@#$% Leonel Fernandez is responsible for all of our latest short comings.
He looked the other way, as our society was getting ever more violent, and drug ridden.
He sign the agreement with Barric Gold.
Also, Leonel gave green light to all the illegals in our country.
That major league jack ass, should be in jail.
And remember,
EXPEL ALL ILLEGAL HAITIANS FROM QUISQUEYA !!!!
From: United States
says Atabey
Anemic economic growth, massive emigration of professionals, a crime riddle society, foreign investments declined, and now a massive debt burden that is fast swallowing up government revenues. A death trap of interest due and bitter fruits to harvest.
how about you? last in the world in education, 42% of the population living below the poverty line, 5000 deportees from the USA every year, 82% of the population in the USA living off welfare, 25% of the jail population in NY State, closest to the top in corruption, cronyism, government misspending, # 4 in the world in prostitution....you seem to be doing great with all that wonderful economic growth...
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Dominican contracts are written on flash paper with disappearing ink. No matter how well the Dominican spin doctors can bandage the signals this review and renegotiate behavior sends to the investment community, both foreign and domestic. The message turns away potential investors, period.
Who cares about attracting foreign investors who want to screw the Dominican people, like most have done?
F@ck foreign investors!
Dominicans complain about taxes being too high. The rents collected from these resources help the State provide the services and infrastructure for current and future prosperity. Send bad signals to foreign investors and reap poor results.
The screwing of the Dominican people comes from within.
And a bd move by the DR could see the DR starved of valuable capital in the same way as Argentina is starved as a result of the immoral business conduct . But a skilled negotiator still may be able to bring forward the date that Barrick starts paying tax and profit shares by renegotiating some other clauses or giving them some preferences in exporation etc It is worth a try .
They are behaving like idiots!
Nationalize this precious one in a life time resource like Saudi Arabia did with its oil via Aramco!
These minerals are our Oil!
From: Dominican Republic, vieja Santo Domingo,
Written by: planner, 1 Feb 2013 8:56 AM
From: Dominican Republic, Puerto Plata,
As a Dominican it pains me to see sooooooooo many ill thought out expressions regarding how foreign investment works. The Leftist and irrational nationalist arguments that have kept us in the rear seat of progress is all too evident in their thoughts. Its the same spring that led to rejection of the 1966 offer to join PR and the US in a triangular trade agreement. Dominicans will too often be first to kill the goose and think of its potential future eggs as some wild idea hatched up by devious foreigners.
The rents collected by the Dominican State will help keep taxes from raising too fast, and pay for infrastructure and other much needed services, transfers, for the people.
That was the WORST contract ever signed by the Dominican government..
After the extraction of millions on oz of gold , destroy thousand of acres of land, relocating thousand of families and 5 years of extractions, Dominicans will BEGIN to see any small earning from Barrick Gold..,
It's like having the best location in agora or bella vista mall and tell the owner on the mall that I will pay in 5 years,...After I make my money..
Only in D.R. !
As a Dominican it pains me to see sooooooooo many ill thought out expressions regarding how foreign investment works.
and i guess that you are now the authority on FDI. did i not burn your ass down on this subject once before, and have you run away like a scared chicken? as much as victor is a nitwit, at least i have to give him credit for his ideas on this. that means that on the scorecard of intelligent remarks, it is victor 1, Ataboob 0.
1...give me a breakout of FDI, by economic sector
2...give me the opportunity costs associated with attracting said FDI to these shores
3..tell me if the FDI is market seeking, or resource seeking..
4...give me a relative breakout of debt equity swaps as a portion of FDI
5...Give me some information regarding the Crowd In effects , vis a vis foreign firms, and tyhe Crowd Out of local manufacturers
6..tell me what backward, and forward linkages have been developed, to enhance the performance of the local economy
7...tell me about the efficacy of technology transfer occasioned by the aforementioned F
a good place to start would be to explain the horizontal, and vertical linkages, and the ability of the local population to incorporate disembodied, and embodied technologies
7 tell me about the effects of the creation of a dual economy, where relatively advanced MNEs, with superior best practices methodologies, seek to operate within an economy characterized by information asymmetry
8 ..give us your take on the speed at which you think diminishing returns to capital will set in, given the relative underdevelopment of the human capital sector
9...give us an idea of the consequences on the performance of the agricultural sector, occasioned by urban drift, due to the locational tendencies of the MNEs
give your take on the absorptive capacity of best practices methodologies, given the discrepancies in technological state between the host country, and the lender countries. you can simplify this part, by ventilation the fol
c...the stste of development of the financial institutions
d..the state of development of governmental institutions
e information asymmetryf..the resource costs of the transfers
f..the level of formal l technological education, facilitating the technological transfers
i asked you those questions regarding FDI exactly one YEAR ago, and you are yet to offer a sentence in reply. now you speak about other people's lack of understanding of FDI?
Saith The Vlakas Dready,
Blah, Blah.
Now you want to add DR to your list of disasters in the Caribbean. Isn't one Greek island in the Caribbean enough!
Go peddle your thoughts to Old Jamaica.
OMG... Magna cum loudmouth?
I nearly spit my tea out when I read that. Great line! Thanks.
Yes there is sanctity in contract law. But if it can be proven that there is a case of collusion, or other illegalities, then it should be re-written. If there is nothing wrong, then leave it alone. But don't just take it on blind faith that corruption bypassed this one.
This sounds like a case of the new government lifting the rug - to see what's hiding underneath - which clearly sends a strong message to shady investors and their exploitive intentions. It says that the RD is no longer a place to explore self serving opportunities. If the RD is willing to kick Barrick in the pants, then all others need to think twice about investing - unless they are upstanding corporations who actually do benefit the RD and her people.
This says more about the authors understanding of international interdependent trade relationships than anything else. But I understand the emotion it was written under. The writer has obviously fled the RD to the USA for prosperity – a nation who itself is now suffering the affects of too much dependence on others. It hurts when you think that you’re the best, and that you alone are exclusively in charge of your destiny - only to find out that your belief is merely a tissue of spoon fed lies based on grand misdirection, double-speak, and nationalistic tub-thumping. So, I understand the impetus for that exultation, and I also understand the naive dream of the grass being greener.
Sure it would be nice to be autonomous and thumb your nose at the world, but there are not too many nations who can claim independence without being guilty of uttering a lie. We live in a give with the right, receive with the left world. And thank goodness, says I.
Uno de los aspectos que sería revisado por el organismo es el que consigna que cuando la compañía haya recuperado toda su inversión, y haya obtenido una tasa interna de retorno de un 10% comenzaría a pagar al Estado un 28.75% de participación en las utilidades netas y el 25% del impuesto sobre la renta
Cabe resaltar que cuando fue firmado el contrato original el precio del oro estaba en los 300 dólares la onza troy, y en la actualidad se cotiza a 1,654 la onza.
Source: noticialibre.com/?p=108657
Santo Domingo.-El presidente del Partido Dominicanos por el Cambio (DxC), Eduardo Estrella, demandó la renegociación inmediata del contrato de la Barrick Gold, para que se pague un precio justo por nuestro oro y que de esa manera salga en defensa del interés nacional
“Ante la estafa que significa este contrato, desde el aspecto económico y medioambiental, no es posible, con las precariedades que vive la mayoría de la población y con el aumento de los impuestos, que sencillamente la Barrick Gold si se deja el contrato como esta, en solo tres años, recuperaría su inversión multimillonaria,
Sugirió un modelo sencillo de renegociación con esta empresa, donde el Estado reciba el 50% de las ventas brutas y la Barrick Gold el otro 50%, ya que de esta forma el Estado dominicano podría recibir solo por este concepto la suma de 30 mil millones de pesos cada año
Source; noticialibre.com/?p=106104
so regardless of all contracts they introduced a new taxon super profits at 30% ..and it passed parliament and now the Australians are sharing more fairly in the mining boom , which is only transitory .
The opposition said the super tax would affect future investment but it has not . I think we need the same thing here .
Want to make something constructive out of this extraction, in the best interest of the Dominican people?
How about enforcing in the contract, that the mining company outsource a Jewelry company, so that we can export the gold in finished goods, with a higher value.
This would create jobs for Dominicans, and more taxes for the government.
Una cuestion es inversion extranjera, y otra saqueo..
El contrato de la barrick es el contrato mas leonino e inverosimil jamas firmado en rep Dom...
"Foreign investment is the only tide that will raise the standard of living of Dominicans and save them from themselves."
IDIOT It hasn't happened since 1492!
with idiots galore like the two above DR needs all the help it can get! We've been shooting ourselves left and right since 1492.
As for The Vlakas Dready, he just wants to add to the misery already in the Caribbean by wayof Jamaica.
Hopefully sensible heads will meet and put this to rest. DR would be following Argentina and other similar nations into worse off positions.
Interesting to note is how EVEN COMMUNIST CUBA signed a contract that gave foreign companies 50% of the oil they searched for in the waters off Cuba. 50%! And they are Communist!
If DR had the technology, the expertise in the field, then fine let's do it ourselves and save big time.
Written by: ohhhvictor,
"One aspect that would be reviewed by the agency is the slogan that when the company has recovered its entire investment, and has obtained an internal rate of return of 10% would begin to pay the state a 28.75% share in net profits and 25% of income tax
One aspect that would be reviewed by the agency is the slogan that when the company has recovered its entire investment, and has obtained an internal rate of return of 10% would begin to pay the state a 28.75% share in net profits and 25% of income tax
Significantly, when the original contract was signed the price of gold was at $ 300 a troy ounce, and currently trades at 1.654 an ounce."
He suggested a simple model of renegotiation with this company, where the state receives 50% of gross sales and Barrick Gold the other 50%, and that in this way the Dominican state could receive just for this purpose the sum of 30 billion of pesos each year"
If no malice can be produced, DR would be wrong
Dready saith,
Bustamente wasn't too bright and Manley showed those Americans we Jamaican could stake our claims.
And what has happened in Jamaica EVER SINCE?
Anemic economic growth, massive emigration of professionals, a crime riddle society, foreign investments declined, and now a massive debt burden that is fast swallowing up government revenues. A death trap of interest due and bitter fruits to harvest.
You were saying?
Interesting to note is how EVEN COMMUNIST CUBA signed a contract that gave foreign companies 50% of the oil they searched for in the waters off Cuba. 50%! And they are Communist!
what does being communist have to do with this? maybe they offered 50% because they thought that it was a fair way to divide the returns...jeez
From: United States, NYC
Dominicans complain about taxes being too high. The rents collected from these resources help the State provide the services and infrastructure for current and future prosperity. Send bad signals to foreign investors and reap poor results.
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RENTs thats should be WAY BIGGER than that, please don't include yourself as a domincan national specially wuen you line up with the people that have screwed this country beyond imagination INCLUDDING this contract, that is your buddy leonel fernandez, i would like to know HOW MUCH of my money goes to foreing helpers like yourself...
From: United States
TXinDR:
Una cuestion es inversion extranjera, y otra saqueo..
El contrato de la barrick es el contrato mas leonino e inverosimil jamas firmado en rep Dom...
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Y porque si pensas eso, DEFIENDES al Maldito que lo firmo??
Way to go !! Well said!!
I wouldn't add a word to that !!
Fu@#$% Leonel Fernandez is responsible for all of our latest short comings.
He looked the other way, as our society was getting ever more violent, and drug ridden.
He sign the agreement with Barric Gold.
Also, Leonel gave green light to all the illegals in our country.
That major league jack ass, should be in jail.
And remember,
EXPEL ALL ILLEGAL HAITIANS FROM QUISQUEYA !!!!
Anemic economic growth, massive emigration of professionals, a crime riddle society, foreign investments declined, and now a massive debt burden that is fast swallowing up government revenues. A death trap of interest due and bitter fruits to harvest.
how about you? last in the world in education, 42% of the population living below the poverty line, 5000 deportees from the USA every year, 82% of the population in the USA living off welfare, 25% of the jail population in NY State, closest to the top in corruption, cronyism, government misspending, # 4 in the world in prostitution....you seem to be doing great with all that wonderful economic growth...