2003News

Mining defends Placer Dome contract

Miguel Pe?a, the director of the Mining Corporate Unit (UCM), visited El Caribe newspaper yesterday to defend the contract signed with the Dominican state. He said the contract is a public document that can be viewed at
http://www.ucm.gov.do/

He also said that the 3.2% earnings mentioned in El Caribe yesterday is but a part of the total earnings for the state, and that by his estimate it was more likely to be more than 30% of the total earnings. He mentioned that the company would pay 25% taxes when the operation generates profits, and a 5% additional when the price of gold is above US$270 per ounce. Pe?a confirmed that the Dominican government is responsible for past environmental liabilities caused by Rosario Mine operations.