The President of the Chamber of Deputies, Abel Martinez, says he will do everything in his power to ensure a review of the terms of the contract for the mining concession at Pueblo Viejo, Cotui between the State and Barrick Gold Corporation.
Production at the mine will represent as much as 20% of the Dominican Republic’s exports this year, according to Industry and Commerce Minister Jose Del Castillo Savinon and the Pueblo Viejo mine is forecast to produce as much as 1 million ounces of gold this year with commercial sales that may reach US$2 billion, as reported by Bloomberg.
Andy Lloyd, a Barrick spokesman, said in an e-mailed statement. “We are very confident in the integrity of the agreement we have in place. It is legally binding on both the company and the state and cannot be changed unilaterally by either party. However, Barrick views the government of the Dominican Republic as a partner and is always willing to discuss in good faith the circumstances of the company’s operations in the country.”
Barrick’s shares closed falling 1.3% in New York trading to US$32.39.
www.bloomberg.com/news/2013-01-31/dominican-congress-said-to-seek-review-of-barrick-mine-contract.html
www.hoy.com.do/el-pais/2013/1/29/464809/Diputados-harian-ajustes-acontratoBarrick-Gold