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SANTO DOMINGO.- Barrick Gold’s Pueblo Viejo mine will start extraction in midyear 2012 and expects to process around five million ounces of gold in the next five years, and create more than 11,000 direct jobs.

Pueblo Viejo Corp. president Manuel Bonilla said Barrick will provide Dominican Republic, its main partner, 50% of the net capital, and will also pay 25% on income tax, and a 3% bonus on gross sales.

He said Barrick has invested more than US$2.9 billion in its operation located in northeaster Sanchez Ramirez province thus far, and reach US$3.5 billion when it starts operations.

Bonilla, speaking in a luncheon hosted by the Round Table of Commonwealth Countries, affirmed that, “always protecting the environment,” the project’s construction is 70% concluded. "Barrick has completed the first stage with its environmental commitment to remediate the contamination left in the zone by a previous operation."

The executive also asked the government to use the funds received from Barrick since the start of operations, on social, economic and educative programs.

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COMMENTS
32 comment(s)
Written by: JimHarrington This user is banned, 2 Sep 2011 8:29 AM
From: United States
Provide that the price of gold dosen't drop to 850./ounce. which it will if history is a good teacher.
Written by: Blutarsky This user is banned, 2 Sep 2011 9:31 AM
From: Dominican Republic, No Spin Zone
He said Barrick has invested more than US$2.9 billion in its operation located in northeaster Sanchez Ramirez province thus far, and reach US$3.5 billion when it starts operations.."....Now all you complainers and whiners shut you pie holes and go home and get your shine boxes
Written by: tomito, 2 Sep 2011 11:33 AM
From: United States
To Jim Harrington:

Dream on, as the dollar weakens and the US continues borrowing money like a drunken sailor with trillions of dollars in annual deficits, coupled with EU economic problems, I wouldn't necessarily hold my breath on the price of gold dropping to $850 an ounce anytime soon. Even if it did, the extraction price is about $250 per ounce which is still a very good profit margin in anybody's book.

As a matter of fact many forecasts put the ounce over 2,500 per ounce before the end of 2011.

All I can say is that the DR's presidential candidates are rubbing their hands, as 3 mining projects will be at full capacity simultaneously in 2012: Falcombridge (Nickel, copper, gold), Barrick (Gold, Silver, Copper) and Cerro de Maimon (Gold, Silver, Copper) with companies like Unigold and Everton Resources on the verge of starting mining operations. Some may forget that Barrick's mine has about 200 million ounces of silver.

Continue...


Written by: tomito, 2 Sep 2011 11:39 AM
From: United States
Just out of Barrick's mine alone the government will make about 1.5 billion dollars per year (if gold prices don't drop dramatically which as I said is very very unlikely), if you add the other 2 mines we may be talking about 2 billion dollars a year here, to put it in perspective, that's enough to build 3 lines of the infamous "Metro" per year.

Yes if I would be happy too. A lot more jeepetas and highrises are soon to be seen in the DR as we all know the policos will get even richer, but that's still a lot of extra cash for a year.
Written by: TuPapaupa This user is banned, 2 Sep 2011 12:03 PM
From: United States, Everywhere
Written by: Blutarsky, 2 Sep 2011 9:31 AM
From: Dominican Republic, No Spin Zone
He said Barrick has invested more than US$2.9 billion in its operation located in northeaster Sanchez Ramirez province thus far, and reach US$3.5 billion when it starts operations.."....Now all you complainers and whiners shut you pie holes and go home and get your shine boxes

John Goulet, why do you like to call people names when all you do is whine, complain and cry and others do it to you?.

Just stick to the topic!.
Written by: anthonyC, 2 Sep 2011 12:42 PM
From: United States
Gold will be at $2000 and ounce by Xmas Time.

It will never return to pre-boom $850. Even with the Republicans re-taking the White house and very likely taking the Senate Gold will never again see a price much lower than $1000. I can actually see it settling at the $1200-1300 range after Jan. 2013......and that suits me just fine
Written by: FedericoD, 2 Sep 2011 9:07 PM
From: Canada
5,000,000 ounces x $1500 per ounce = $7,500, 000, 000 US. .... someone please estimate which portion is the taxed amount remitted to the government of which 3% is allocated to education. ... just so we can track a number that education supporters can understand their legislated stake in the matter. ..
Written by: Grosero, 3 Sep 2011 10:54 AM
From: United States
And at what cost to innocent lives?

Written by: DONT_BE_SILENT, 3 Sep 2011 11:43 AM
From: Dominican Republic, Never forgotten, never forsaken. 168-13 IRREVOCABLE.
5 Million ounces?

My math tells that:

5,000.000 X 1700=8500000000 US Dollars, or 8.5 Billion for those who don't know how to read that amount.

I don't buy what they're saying about investing 2.9 Billion, on what?
Written by: RonEvane This user is banned, 3 Sep 2011 2:41 PM
From: United States, Gaithersburg, Maryland

"The executive also asked that the government use the funds from barrick since the start of operations on social, economic and educative programs".

No they won't. They'll use it to enrich themselves further. These politicos don't give a shit about our children. If they did, they'd be in compliance with the law that says 4% of GNP must go to education.
This hasn't happened.
But the politicos will have one hell of a job trying to figure how best to syphon all this $$$$ without being caught! Vamos a ver que pasa.
Written by: ZonaDominicana, 4 Sep 2011 3:46 AM
From: United States, Orange County, California
Let's see:
5.0M ounces at $1,882 = US$9,410,000,000 now that's a lot of money.
$9.4 Billion dollars. I don't think the company will invest US$3.5 billion to extract gold. This amount of $3.5 billion is inflated in order to keep more profit.
Written by: airgordo, 5 Sep 2011 5:42 PM
From: Dominican Republic
YOU are all wrong, READ the contract of these thieves, is 3%, THREEE of the sales...and that is AFTER the 3.5 billions of investment that THEY SAY where made (who is there to check those facts?) ARE PAID OFF with OUR GOLD...

in other words they will make an investment that does not have any other benefit for this country than having them Built a Mine...

The senators and deputies that approved this sh*t along with the president who signed the modified the ORIGINAL agreement should be Jailed forever for HIGH TREASON...
Written by: tomito, 5 Sep 2011 5:52 PM
From: United States
Zona Dominicana:

This is not a 5 year or a 9.4 billion dollar mining project but rather a much more larger operation. The mine has proven and probable reserves of about 25 million ounces of gold, about 200 million ounces of silver and millions more of copper. As of right now the mine has about a 25 year lifespan and will produce 1 million ounces per year, but by Barrick's own admission they said the mine could have over 40 million ounces of gold and that would extend their operations another 15 years.

The 3 billion dollar investment is being made, Pueblo Viejo now has the biggest Autoclaves in the world, these are giant machines that help separate the metals as they process thousands of tons of rock a day. This is the biggest gold mine in the entire Western Hemisphere and one of the biggest in the world.

Some people here just calculate the gold and dismiss the silver and copper, do some research and get to know the size of this operation, then come back to post.
Written by: Blutarsky This user is banned, 5 Sep 2011 5:55 PM
From: Dominican Republic, No Spin Zone
in other words .......shut you pie holes and go home and get your shine boxes
Written by: tomito, 5 Sep 2011 6:20 PM
From: United States
Airgordo, they'll have to pay 25% income tax, 3% in royalties and 28% in other complimentary taxes. Look at this video starting at 1:40 where the misconception of the alleged 3% is addressed.

http://www.youtube.com/watch?v=U-8-0h8pUR0&feature=related
Written by: TuPapaupa This user is banned, 5 Sep 2011 8:05 PM
From: United States, Everywhere
Written by: Blutarsky, 5 Sep 2011 5:55 PM
From: Dominican Republic, No Spin Zone
in other words .......shut you pie holes and go home and get your shine boxes

Is this article-related?............

Can't you stay on topic for once!?.
Written by: airgordo, 6 Sep 2011 1:52 AM
From: Dominican Republic
barrick has the biggest autoclaves on the world, SO WHAT??? what do you do on a Giant Pressure cooker other than what barrick does?? WHAT is the benefit to the Country of Having a Giant Pressure cooker??? ALL and i mean every single thing this band of pirates have done is for the sole benefit of THEMSELVES, i would expect that...what i don't tolerate to anyone is that they try to SELL me the idea that it is good for the country as well...example? what i F*ck will we do with an Autoclave when the gold is finished?? and that is WRONGLY assuming the they would be left here, got the point??

The 3% IS WHERE THE MONEY IS, becasue you can play with the 25% and declare that you broke even and had LOW or NONE Benefits so that is Plain BS...that 3% OF SALES is where the CASH really is and under Previous Contract Signed by Hipolito was about 25% or more if i remember correctly...

On TOP of that, Barrick Gold can use All the water they want FOR FREE, what about the farmers of the Yuna river?
Written by: airgordo, 6 Sep 2011 1:56 AM
From: Dominican Republic
Once the Barrick get its hands on the water, IT WILL NOT USABLE on anything else for a LONG TIME...EVERY SINGLE soul that has it hands on this Contract SHOULD BE HANGED by the Balls on a Public PLaza FOR HIGH TREASON...

Tomito, The Video you Put is VERY funny, as the woman that is supposed to INTERVIEW the barrick gold Guy, practically FINISHES what he says, at leats the guy that interviews acts more profesionally... i wonder how much she got paid for that one, by the way i what this program quite often and know first hand where these people come from, a VERY goverment friendly enviroment for example...

have fun with this one:
http://www.youtube.com/watch?v=fp8bVZII6rU&feature=related

I also have the one where Osiris Guzman destroyied the stupid arguments of this pirates on uno+uno, you can google it as well...
Written by: tomito, 6 Sep 2011 1:34 PM
From: United States
Airgordo:

I have seen all those videos of " hyped jevitos" protesting all over the place (protesting is like a sport to them, they will ask for 4% for education but not let you in at their clubs). I am also familiar with the "jodologo" instead of Geologo Osiris Guzman, He's just mad because he wanted in on the project and didn't get anything, this is the same man that said the Metro's 1st line was going to collapse within a year or 2 because allegedly no studies were conducted on the ground and bedrock.

The Autoclaves aren't what will benefit the country, by the time they finish 25-40 years from now, they'll take them with them, it's the gold being extracted that's going to benefit the country. After the initial investment of over 3 billion, it's next to impossible to hide profits when the price of gold is near 1,900 per ounce (today's price) and all you have is regular overhead . The greedy DR government wants that money and they'll make sure they get it all not just 3%.
Written by: airgordo, 6 Sep 2011 6:37 PM
From: Dominican Republic
So can you REFUTE what Osiris stated? can ANYONE from barrick Gold and their paid guys do it? i have not heard a single one!!! if not then i think you should pay respect to somebody who has far more KNOWLEDGE than many people here, he has said two things on this country that made me respect him when he speaks:

ONE, what would happen with Tropical Storm Olga, said LIVE 24 hr BEFORE on the Z10, and happened EXACTLY what he said like the script of a Movie...

TWO, theMISSING of studies of the Metro Line that Huchi Lora confirmed AFTER A LEGAL battle with the goverment for the document...

SO when somebody do the same and speaks the opposite about the Barrick Gold i will be more than Ears, Meanwhile...
Written by: airgordo, 6 Sep 2011 6:50 PM
From: Dominican Republic
Back to the stupid HIGH TREASON contract of these 21st centuries Pirates:

They invest 3 Billion IN WHAT??? in building a MINE??good for them, what is NOT GOOD is that they WILL charge the Dominican Republic those 3 billions back, so DR will JUST SEE A DIME when the MINE IS PAID off!! so what is the difference between doing that and having us takeing a loan of 3 Billion and built the god dam thing ourselves??? WE WILL BE PAYING anyway...

Simple Math:

1- The Pirates Invest 3.5 Billion to dig gold, Benefits for the Barrick = -$3.5 Billions
2- The Barrick Gold DIGS the OUR Gold until 3.5 Billions have been extracted and Sold, Benefits for the barrick = $0, Break even
3- Barrick CONTINUES to dig and EVERYTHING that comes after the Return is a BENEFIT, BINGO!! barrick gets Money after paying $0

WHAT and WHICH is the sacrifice of the barrick gold, when the MONEY to pay comes from MY COUNTRY???
Written by: tomito, 6 Sep 2011 8:02 PM
From: United States
Airgordo:

Your shortcomings when it comes to investments are obvious. No company is going to invest in a mining project to lose money, of course in the end all investments seek to get all their money back plus profits from any project. Why don't we get a 3.5 billion loan to do it ourselves ?, just try it and find out what the IMF will tell you, plus they have the know how and will be much more efficient, this is the biggest gold mining company in the world, if the government does it, it would add millions of dollars in botellas and won't clean up afterwards leaving an environmental disaster like Rosario Dominicana did. Rosario did not have the technology to continue mining and had to close it and sell it.

When a mining company goes to Australia, Peru, USA, Canada, etc, etc... all the money that invest in the project will eventually come out of those countries' metals, the DR is no exception.

Where do you think the money would come then ?

Continue...
Written by: tomito, 6 Sep 2011 8:15 PM
From: United States
Simple Math:

1) The alleged "Pirates" invest 3.5 billion BECAUSE WE DON'T HAVE IT nor can we borrow it all at once without IMF approval.

2) Barrick Gold digs until their investment is recovered only giving the DR a small percentage.

3) Since the price of gold is so high (1,876 an ounce) and will probably be much higher and taking into account the Silver and Copper to also be extracted, Barrick will recover the investment in just about 2 years, maybe even less !

4) After that short period of time the DR instead of borrowing 3.5 billion dollars will get about 2 billion dollars per year at today's prices for at least 25 years, THAT's 50 BILLION dollars it did not have.

To put it in perspective, We could pay the entire DR both internal and foreign debt in about 10 years and once that's done, we'll get an additional 2 BILLION dollars a year that we currently pay in interest to service the debt.

Continue...
Written by: tomito, 6 Sep 2011 8:17 PM
From: United States
All of this on top of the thousands of direct and indirect jobs created which would benefit those communities.

If the DR had the technology, the know how, and the transparency to embark in such a project, I would be the first one to support it to keep all the profits in the country, but we all know that's not the case, not even Super Osiris could do it.

Written by: airgordo, 7 Sep 2011 2:56 PM
From: Dominican Republic
I'm NOT saying Barrick gold should lose money, what i'm saying is VERY simple...One guy has the Gold on the backyard, the other has the shovel or the tools to get it, they had ALREADY AGREED to make a society (gold+tools) Valued at X and AGREED DIVIDING the benefits, that was what existed under Placer Dome contract, signed by the previous Goverment BUT under this pinacle of corruption and TREASON called a contract, the Guy that has the gold HAS TO PAY to the guy with the tool FOR HIS OWN TOOL before he sees any benefit!!, so WHAT is the investment from the owner of the tool??? WHAT is Barrick gold putting in to the society??? answer is ZERO!!! got the point??

Don't talk of employment, how much would they pay in average, 500 USD??, multiply that by 10,000 employees, that is 5 millions US, 60 millions per year, we are talking of BILLIONs HERE, what barrick will be paying is NOTHING compare to the benefits THEY ARE STEALING with the help of the POLITICOS and some other TRAITORS
Written by: tomito, 7 Sep 2011 11:24 PM
From: United States
Airgordo:

The 3.5 billion dollar investment has been coming out of Barrick's pockets for the past few years now without an ounce of gold being extracted and remember they also had to buy the contract from Placer Dome, it's after they have spent the 3.5 billion that they will start recovering that money. All Placer Dome did was to waste time and wait until the price of gold got higher so they could make a quick buck.

BTW, Barrick does not have to put anything to society, they don't work for charity, they are a PRIVATE company, they are not the DR government, they could do some social projects for public relations (like they are doing) but that's all. It's the DR government with the proceeds of the mine that needs to invest it to improve the lives of Dominicans. Got the point ?
Written by: airgordo, 10 Sep 2011 12:57 AM
From: Dominican Republic
they had to buy??? they BOUGHT IT because the KNEW how much gold was in there!! it was THEIR CHOICE so don't comoe to me sayin they had to buy like if this was a sacrifice...

Of course out of their pockets, WHICH WILL BE REPAID IN FULL by MY GOLD from MY GROUND, we are GIVING AWAY 3.5 Billion to barrick gold FOR FREE.

When i meant society, i should have said COMERCIAL SOCIETY, like a partnership.
Written by: tomito, 4 Oct 2011 2:22 PM
From: United States
Sorry for the delay, I thought this thread was dead after a couple of days.

Nobody had to buy anything, of course they bought it because of the gold that was there, what did you expect ? that they spend all that cash blindfolded ? Sacrifice, of course not, Investment, yes.

What part of INVESTMENT meaning you expect more than you put in don't you get ?


"Of course out of their pockets, WHICH WILL BE REPAID IN FULL by MY GOLD from MY GROUND, we are GIVING AWAY 3.5 Billion to barrick gold FOR FREE"

Just the way it is in all mining projects in the world, here's how it works:

Investors put the cash and expertise then they turn a profit from that country's resources which of course gets a cut (capitalism at its best).

Time is money, we need to tap into this gold now, rather than wait 100 years until we are capable of doing it ourselves. Like I said before, I'd love to dig it ourselves, but we all know that's not going to happen anytime soon.
Written by: airgordo, 7 Oct 2011 4:40 PM
From: Dominican Republic
So why DR has to WAIT until Barrick Gets until the LAST CENT to get some money back, even so to get 3%!! when the Original contract before this act of TREASON said 25%??? THAT IS NOT logic at all.
Written by: tomito, 8 Oct 2011 4:27 PM
From: United States
Too much whining for just having to wait a couple of years for what is going to be a 25 to 40 year operation don't you think ?

As to the 3%, what part of my previous posts about taxes and all the billions of dollars in benefits didn't you get ? You seem to be going in back in circles now.

Before you ask something else, try to revisit some of previous posts, you might just find the answer.
Written by: airgordo, 11 Oct 2011 1:44 PM
From: Dominican Republic
Couple of years ehh??? simple MATH, how much gold does barrick projects getting Monthly??? please Multiply that for the value of the Oz of gold and will see HOW MUCH MONEY goes away!!

i already SAID that the 3% is WHAT MATTERS becasue all the other crap you can present on the books like a LOSS...i know some accountants that will make MARVELS on paper!!!
Written by: tomito, 11 Oct 2011 8:26 PM
From: United States
@airgordo

have you tried doing the math ? Go ahead and do it, it's about a couple of years. Nobody is going to hide about 1.7 billion dollars a year, no matter how wonderful your accountant may be, the government wants that money and they will make sure they get it, even if it is to fill their pockets.
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