Excellent measure by the chamber of deputies..

"The lower Chamber’s Environment, Justice, Finance and Energy and Mines committees have been instructed to review the contract’s other aspects, and issue recommendations within one month."

Esta gente nos estan vendiendo espejitos por oro desde el 1492..

Just excellent!

Let's hope this not just PURPLE SMOKE and Mirrors!

It is going to be very hard for these crooks to go against the wishes of Narco-Lie-onel!

They may well "review" i.e. read the contract but whether they have the ability to understand it is another matter entirely.

My 9 year old daughter insists she can "read" which she can, The words that is, but when I ask her to explain what she has just read she hasn't got a clue what the context of the words actually mean.

I suspect those charged to review this contract will have the same problem.

They already cashed in on this one the first time around.

Now they want a second shot at it.

All they want is a Bigger cut to steal Barrick should stand firm and refuse to bow to these populist thieves.

Anthonyc..Please dont be such a domincan hater!

Easy to call a meeting ,hard to set a date and location and harder to reach any agreement

Tourists raped near Acapulco, Mexico
cnn.com/2013/02/05/world/americas/mexico-tourists-raped/index.html?hpt=hp_t2


(•.•)

This is another great example of Imperialism Hegemony from the multinational corporations exploiting and stealing our natural resources as usual. Why doesn’t the government of DR takes possession of this mine and distributes the profits among Dominicans who are in such a great need of new schools, hospitals and social programs to the benefit of our community in Cotui!! Of course this companies come and bribe whoever the please and take the profits to their already developed countries in the meantime we allow this to happen and support this type of rape to happen to our country and the people who we elect to protect us are the first one corrupted and enrich themselves by receiving bribe money from these corporations. This is the reason our country needs a government as Hugo Chavez’ (Venezuela) or Fidel Castro (Cuba). Until then we’ll always be in misery and continue to see our country in poor decadency. We need a leader that can put a STOP on the rapes to our country and cut corruption

A deal is a deal! What part of that concept do these illiterates not understand. You are playing with the big boys now. Back away before you get hurt and hurt the country in the process. What these yokels are saying is something similar to this. They sold their house in 1980 for 500 thousand pesos. It has since appreciated to 5 million pesos so now they want more money as compensation. Dumb, stupid people. Maybe you should not have sold in the first place.

Nationalize the Mine Period!

Written by: Mafioso02,
"This is another great example of Imperialism Hegemony from the multinational corporations exploiting and stealing our natural resources as usual."

I am impressed.

Must have taken you some time to fit so many, tired, fascist, cliches in one sentence,

The rest is just silliness.

he only silliness is to let they poison our resources...for free..
Get out BG!

Juansantodomingo,= 3***S

Anthonyc..Please dont be such a domincan hater!== Whats to hate? Cubans?

we will continue our Pacifist revolution in Cotui until everyone from BG is kicked out of our country. Who gives them the right to come here and exploit our resources to their benefits and pay workers $15 and $20 Dollars per day? while the outputt of each worker daily work effort can surpass $1,000 and $2,000 outputt? who ever agrees with this type of explotation of the masses has no place in this world.

Anthony C, do you really care about what happens in our country and in the poverty condition our people live? Nooo... Worry about your countrie's problems which are many and your government isnt doing much to improve them...I'm sure you can offer some expertise to the homeless and drug problem in the US and let us deal with our own issues in DR. your comments are never welcome and provide very little support to our struggles as a nation.

Since when am I a Dominican Hater?

I hate Cronyism, Fascism and all forms of government corruption!

Because of that I care more about what goes on in the D.R. than all of you so-called, Dominican Patriots who are in reality just part of the problem.

Editor,
Way too many spelling and grammar mistakes!

Do we get a percentage of the gold that's shipped or do we get a fixed rate per ounce?

Seems to me if it is the former as the price of gold goes up we make more and if it is the latter we are getting screwed.

How is our income determined?

The Dominican government will receive a portion of the mine profits after the value of the initial capital investment has been recovered by PVDC. The tax revenue is calculated from 3.2% royalty on gross smelter return, 25% income tax and 28.75% of net profits.

So a higher gold price will shorten the capital cost recovery period and bring forward the timing of the government's tax and net profits revenue. Plus the mine will be more profitable and the government will receive a higher income, all other factors being equal.

This arrangement allows the mining company to recover the cost of their investment and their agreed rate of investment return while providing the government with a higher than normal share of the profits. The government normally receives just the royalty and income tax (not the extra 28.75% of net profits). The government's problem is that they have to wait for the mine's capital cost to be repaid but have a short term need for additional revenue ...

"The government's problem is that they have to wait for the mine's capital cost to be repaid but have a short term need for additional revenue ..."

1.-Short term is 5 years when they are making U$ BILLIONS a year?
2.-Why they havent clear how tghey are going to dispose that cyanide besides dumping them in the rivers of Cotui, close by of the rice crops we eat everyday?
3.-Why they dont give a job to dominicans?
4.-The mine benefit was establish the the ounce of gold was U$300.-..Now is U$1600.- That means they are making 5 TIMES the profit,..Dominican population should have take part of that profit..Right?

If they dont adjust that contract, and no benefits for dominicans whatsoever NOW, BG can GET OUT of the country RIGHT AWAY !

This can be seen in a few ways
1. the original contract benefited those who were there at the time it was written the most..
2. those now wanting a new contract want it to "benefit" them now!
3. the original contract was so poorly done it needs reviewing.
4. all of the above....

Adrian29.. that is very funny.... and true, but sad at the same time...

Written by: Juansantodomingo, 5 Feb 2013 4:01 PM
From: Dominican Republic
A deal is a deal! What part of that concept do these illiterates not understand. You are playing with the big boys now. Back away before you get hurt and hurt the country in the process. What these yokels are saying is something similar to this. They sold their house in 1980 for 500 thousand pesos. It has since appreciated to 5 million pesos so now they want more money as compensation. Dumb, stupid people. Maybe you should not have sold in the first place.

there is no such thing as a deal is a deal¨. nonsense. there has to be good faith. let us take a simple examle

a guy leaves his laptop computer with his mother. she has alzheimers disease. she forgets things. her neighbor knows this. the son tells the mother to sell the computer for 20,000 pesos. mom forgets, and makes a deal to sell it for 20 pesos. son hears, and tells the guy that he cannot accept 20 pesos, because that is an unrealistic price.

does anyone believe that such a verbal contract can be enforced in a court of law? there is no good faith, and the buyer was capitalizing on circumstances which militated in his favor.. the same applies to mining contracts like these, wherein the mining companies used superior knowledge to offer the developing countries a pittance for their raw materials, knowing that these countries did not know the true value of what they were selling. a contract has to be made in good faith,or it is useless

As pointed out by some of the posters, the price difference between then and now may be great, but it also means they recoup the startup costs faster so the DR will start getting the payment they bargained for sooner. The rest is just plain silly. The government actually used to run the mine and they destroyed it AND polluted the area that others have paid to clean up. How many non-Dominicans are working at the site and what positions are they in, remember that Barrick is Canadian Company and has paid many times over for expat work permits.............and the list goes on and on

texas shoe;


Actually no...
the contract was very specific that they will restart to pay the dominican state AFTER 5 years of profif a %.
it got several problems:
1.- no Dominicans are working in the mines ( a worst unemployment than before in fact)
2.-After 5 years is a way ridiculous concept..
3.-They should clean the cyanide, not throw it away in the rivers like they did before ( that's why we have red rivers of cyanide, we did NEVER had that before)
4.-those waters are flooding the crops, most specifically rice and cacao
5.- The context is way ridiculous, and they are having a HUGE profit ( before it was $300 an oz, now $1600)
6.-They should do like Balaguer did : close Falconbridge exhortations

ohhhvictor,

You statements are factually incorrect.

1. More than 87% of the workforce are Dominicans and more Dominicans are now employed than when the Generals ran the Rosario mine.
2. The contract does not specify a 5 year time period for government revenue from the mine. The government will receive an immediate royalty with tax revenue after PVDC has recovered its capital investment.
3. Cyanide does not get "thrown away" into rivers. It gets recovered (for re-use) or destroyed by chemicals and exposure to sunlight. The red water is due to acid rock drainage from when the government operated the mine. PVDC has assumed responsibility for cleaning up the water.
4. The treated water released from the mine enters Lake Hatillo where commercial fish farms operated. It does not flood crop areas.
5. The higher gold price brings forward and increases the government tax revenue. It's good for both parties.
6. Balaguer's actions stifled foreign investment for 20 years. Not smart

dreadlocks, you are right about one thing in your example. The nation has alzheimers disease and should be protected from its corrupt leadership. As for the contract in question, sorry but the "State" was a party to it and as such I don't think anyone would like to admit before an international court that the government did not know what it was doing and was taken advantage of.