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Pueblo Viejo life-of-mine extension project, Dominican Republic – update

Aerial view of the Pueblo Viejo project

Photo by Barrick Gold

29th March 2024

By: Sheila Barradas

Creamer Media Research Coordinator & Senior Deputy Editor

     

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Name of the Project
Pueblo Viejo life-of-mine extension project.

Location
Sanchez Ramirez pro­vince, Dominican Republic.

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

Project Description
The project aims to advance a plant expansion and tailings storage facility.

The expansion and mine life extension project is designed to increase throughput to 14-million tonnes a year and sustain gold production above 800 000 oz/y to beyond 2040.

Potential Job Creation
The company’s workforce, which is 97% Dominican, is expected to increase as the project develops, consequently increasing 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
$2.1-billion.

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
Barrick has reported “teething problems” at the project, but CEO Mark Bristow has said the expansion project should be back on track in the quarter ended March 31, 2024.

The construction and commissioning activities for the plant expansion were substantially completed by the end of the 2023 financial year.

Premature equipment failures were encountered early in commissioning, but have been resolved.

However, at the start of the fourth quarter, the crushed-ore stockpile feed conveyor had a structural failure. Reconstruction work is under way and should be completed in the second quarter, Barrick has reported in its 2023 annual report.

The company will also complete a feasibility study for additional tailings storage capacity at Pueblo Viejo this year.

By December 31, 2023, the total project spend on the expansion was $1.03-billion. Barrick maintained the estimated capital cost of the plant expansion and mine life extension at $2.1-billion.

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.

Edited by Creamer Media Reporter

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