The Vancouver-based Placer Dome mining company has announced its approval of the Pueblo Viejo gold project in the Dominican Republic for development. In a company press release, Placer Dome president Peter Tomsett says that the Pueblo Viejo project demonstrates their company’s technical strengths. “We identified the potential of this deposit and have developed it into a long-life, low-cost opportunity for our shareholders. Projects of this size and grade remain rare in the gold business.”<\/p>\n
The Pueblo Viejo project is expected to produce approximately 12 million ounces of gold at average cash costs of between $200 and $210 per ounce over 20 years. Capital costs for the mine are estimated at approximately $1.0 billion. In the initial six years of the mine’s operation, Pueblo Viejo is expected to produce on average 800,000 ounces of gold per year at cash costs between $175 and $185 per ounce. In addition, The company also announced the construction of a 140-megawatt power plant to support the mine. The power plant will be located on the Dominican Republic’s south coast and will be integrated into the national power grid. The plant will be designed to produce power from a variety of fuels, including coal and petroleum coke.<\/p>\n
Commencement of construction is subject to Placer Dome issuing a project notice to the Dominican government. Project notice is conditional upon the receipt of the three required permits for the mine and power plant and the Dominican authorities fulfilling or addressing all its contractual obligations related to the project.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Vancouver-based Placer Dome mining company has announced its approval of the Pueblo Viejo gold project in the Dominican Republic for development. In a company press release, Placer Dome president Peter Tomsett says that the Pueblo Viejo project demonstrates their company’s technical strengths. “We identified the potential of this deposit and have developed it into … <\/p>\n