Name of the Project
Pueblo Viejo gold mine expansion.

Location
In Sanchez Ramirez pro­vince, in the Dominican Republic.

Project Owner/s
Barrick Gold, in a 60:40 joint venture with Newmont Corporation.

Project Description
The expansion will deliver a mine capable of producing at least 900 000 oz/y until at least 2040. The expansion will enable the mine to exploit the lower grades in the orebody and is not intended to process ore from outside the current concession area.

The expansion will further unlock the mine’s potential to increase exports by $22-billion and generate more than $4-billion in taxes at a gold price of $1 500/oz.

Potential Job Creation
The company’s workforce, which is 97% Dominican, is expected to expand as the project develops and it will increase opportunities for women to participate.

It will also promote the development of the local economy based on the mine’s suppliers and contractors.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
The capital cost of expanding the Pueblo Viejo mine increased from $1.3-billion in March 2020 to $1.4-billion in March 2022.

Planned Start/End Date
The project was approved to proceed in March 2020 and is expected to be completed by the end of 2022.

Latest Developments
The expansion has experienced logistical challenges, owing to the impact of the Covid-19 pandemic on the global supply chain. These disruptions have also delayed the timing of the project completion from July to the end of the year.

The new tailings storage facility remains in the permitting phase. The miner has noted that studies for additional tailings and mine waste-rock capacity continue to advance and that alternative sites are being reviewed.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Barrick Gold Corporation investor and media relations, Kathy du Plessis, tel +44 20 7557 7738 or email barrick@dpapr.com.