Barrick Gold Corporation reports having paid US$108 million in taxes and royalties this month to the Dominican government. This includes advance payment of income tax, net profit interest and royalties, including an advance payment of the royalty for the year 2021 estimated at US$47 million.
This is the fourth tax payment the mine has made so far this year and brings its contribution to the Dominican government for 2020 to US$385 million. Pueblo Viejo has also agreed to advance the royalty payment for the years 2022 and 2023, estimated at US$95 million, to support the government mission to combat the health and economic crisis caused by Covid-19. Pueblo Viejo will not receive any discount or charge interest on the advance royalty payments.
Taxes for 2020 have been significantly higher than the US$195 million paid in 2019 due to the impact of the increase in the price of gold. The tax regime set out in the Special Lease Agreement of Mining Rights with the government is structured in such a way that if gross income and sales increase, the tax base also increases resulting in a higher tax payment.
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Barrick
19 October 2020