Dominican Republic prayed

Actuality, news, and clippings of press on the mining and the golden market in Dominican Republic.

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19-08-2010 Free newspaper
Dominican Republic - Barrick Gold initiates golden extraction in 2011
Barrick Gold, the biggest producer of gold of the world, will begin extracting gold and other minerals in the mine of Old People in the Dominican Republic in the course of one year (2011), as he informed the Department of Industry and Commerce of the Dominican Republic.
In April, 2002, the Dominican Government signed a lease contract, for 25 years, extendable up to 75 years, of the mining rights of the gold-mine, silver, copper and zinc, of Old People, Cotuí, with the Canadian company Pleasure Tame.
In January, 2006, the Canadian mining company Barrick Gold paid 10.400 million dollars for 81 % of the actions to Please Tame, he buys that it was including the interests to Please Tame in the mines of copper of Zaldívar, in the Chilean desert of Atacama, and the gold-mines and silver of The Coipa and Old People in Dominican Republic.
The mine of Old People, Cotuí, in the Dominican Republic, is one of the most important mines of the world and at present Barrick Gold possesses 60 % of Old People and the Canadian Goldcorp the remainder 40 %.
According to information published by Barrick Gold, the reservations proved in the mine of Old People, province of Cotuí, are 20 million ounces troy of gold, 117 million silver ounces and 424 million pounds sterling of copper, which at the current prices represent a value of approximately 24,000 million dollars, what it converts to the mine of Old People into Cotuí, in one of the most important mines of the world.
“The perspectives for the price of the gold are very positive and Barrick will keep on being one of the biggest beneficiaries”, pointed out Aaron Regent, president and principal executive of the Barrick.
The minister of Industry and Commerce, José Ramón Fadul, said: "We have to be observers of the investment that is done there, also, are spoken by us about more than five thousand workers.”

22-01-2010 GC
Dominican Republic - Goldcorp says that Old People will be in march at the end of 2011
Old people, after some debts waits to specify at the end of the first trimester a credit line of 1.000 million US dollars: 40 % attributable to Goldcorp and 60 % to the associate in shared risk Barrick Gold. “It has taken more time than what we were anticipating”, supported Jeannes, and added that 700 million US dollars come from the BID and other entities of this type, what has delayed the process, but it delivers protection from political risks.
Old people must be started at the end of 2011 and produce about 600.000 - 650.000 annual ounces in the first 5 years.

06-01-2010 Digital newspaper
Dominican Republic closed 2009 with big investments
Dominican Republic closed in 2009 with a foreign investment superior to 2,150 million dollars. According to the Center of Exports and Investments of Dominican Republic (CEI-RD), this positive balance is sustained, fundamentally, by the contribution of the mine-layer Pueblo Viejo Dominicana Corporation (PVDC), who has turned into the foreign investment “bigger of the whole economic history of the country”. The project Old People contributed nearly 800 million dollars in 2009, of them nearly 2,700 million dollars that he will pay out.

21-12-2009 to be able 360
Dominican Republic - With the mining emprendimiento will invigorate the local commerce
Old people, takes almost two years in construction stage and the project is to produce his first golden bar in the last trimester of 2011. More than three thousand are already the persons who are employed at the construction of Old People and one hopes that next year they should join about 800 more. For Barrick, in each of his operations on a global scale, it is an imperative to work his mining operations from the perspective of the sostenibilidad and the harmony with the environment and the communities.
OLD PEOPLE
Place:
In the province Sánchez Ramírez, located to 100 Km. to the northwest of Santo Domingo, Dominican Republic.
Operation:
In the year 2006, Barrick Gold Corporation acquired the Pleasure assets Tame in the whole world and with it the rights in the project I Populate Old man. Barrick sold a participation in the project to Goldcorp Incorporated, forming the company I Populate Old man Dominican Corporation (PVDC) in whom Barrick has an interest of 60 % and Goldcorp, 40 %. Barrick is the operator of the project. The Special Contract of Lease of Mining Rights (CEAM) of Old People has been amended recently and ratified by majority in both cameras of the Congress of Dominican Republic.
Pre-production investment:
Approximately $ 2,700 million dollars
Beginning expected from production:
The fourth trimester of 2011
Proven and probable reservations (base of 100 %):
20,4 million golden ounces,
455 million pounds sterling of copper and
131,3 million silver ounces contained inside the brought reservations of gold.
Dear useful life: 25 years

13-12-2009 the Nation
Dominican Republic - Specialist insists that contract of the State with Barrick Gold is a fraud
Santo Domingo, RD. - The specialist and ex-President of the Dominican Mining Chamber, Osiris of León, affirmed that certainly the contract of the Dominican State with the Canadian mining company they contain many elements that it it turns in fraudulent and injure the interests of the Dominican Republic.

13-12-2009 the Day
Dominican Republic - Barrick Gold exchanges political power for economic power
If in this lunch some Dominican should be present really, he would have asked this mister mocker that when he was thinking that the country would be receiving 28,75 % of benefit sharing clear, because the contract to which he refers eliminates 25 % benefit sharing original clear, and limits it to zero until the company has recovered the totality of his investment and until it has obtained an internal valuation of comeback of 10 %, and only when determining both have been fulfilled it is that the State is going to begin to receive 28,75 % of benefit sharing.

04-12-2009 Digital newspaper
Dominican Republic - Project Old People will be studied in simposium world cup of the gold
The gold-mine of Old People, Cotuí, located in the province of Sánchez Ramírez, to 100 kilometers of Santo Domingo, is a very important milestone in the sustainable development of the world auriferous mining and for this reason one of the deposits will be a star that will be analyzed in next Simposium Mundial of the Gold to be celebrated in Lima, Peru, between 18 and on May 20 of next year, supported the Executive director of Old People Dominican Corporation (PVDC), Fernando Sánchez Albavera, in the most recent meeting lunch of the Mining Chamber Dominican celebrated in the Hotel Chalk.
With an investment of the order of 3,000 million dollars, the putting in operation of Old People is foreseen for ends of 2011. It will allow to the Dominican Republic to place about 1.000.000 of annual ounces of gold on the world market, what will mean an increase of the Dominican exports of the order of 20 %.

26-10-2009 the Day
Dominican Republic
Dominican Republic - The new contract of Barrick Gold
The new contract signed with the Barrick establishes that the Fund of Guarantee for possible works of Environmental Remediation in the closing period and post closing of the mine, will be nourished of the deductions realized annually by the company to the payments of the income tax and/or of the participation of the State in the Clear Utilities (PUN), what indicates that the State will assume big part of the costs of the Environmental Remediation of a mine where earlier there were mined every day 10,000 metric tons of slightly pollutant rusty mineral, and now there have to be mined selectively 24,000 metric tons of very pollutant sulphurous minerals (pyrite and esfalerita), when the correct thing would be that all the environmental responsibility from the moment of the new development relapses on the mining company that already begins to devastate the area before the indifferent look of the Secretariat of Ambience.
The cotuisanos had to summon to a public act where they incinerate in a symbolic way this contract anexionista that changes the gold of Old People into the small mirrors brought by Barrick Gold, and force the Government to write a new contract that is decent and suitable for the economy and the ambience.
This contract, which violates the Mining Law 146, can be read in www.osirisdeleon.com.

03-12-2008 Barrick Gold
Dominican Republic - Advances the financing of the project Old People
The Canadian mining company Barrick Gold, the biggest producer of gold of the world, has informed that “they are advancing” the negotiations to obtain a loan valued for 1.000 million dollars that allows to finance the project Old People placed to approximately 100 kilometers to the northwest of Santo Domingo, in Dominican Republic. Barrick Gold controls 60 % of the project, while 40 % remainder is in hands of also Canadian company Goldcorp. The preproduction budget for Old People is 2.700 million dollars, with a production of 1 million ounces a year, it is anticipated that the reservations of the development will be 22 million ounces and that the mine will have a top useful life at the age of 25.

10-11-2008 Barrick
Dominican Republic - Barrick Gold Corporation will produce in the Mine Old Village a million ounces prayed a year
Barrick will initiate the development of the mine of Old People, located to 100 km from Santo Domingo, in 2012. Barrick will invest 2,585 million dollars, in addition to another 300 million work capital dollars for the next years of operation, and will generate from 3.000 to 3.500 work places, as well as demands of other services. The stage of construction of the plant that Barrick has offered in the design to process the sulfides can take from 3 to 3 years and a half, affirms the director of Mining, engineer Octavio López, who adds that the mining is an extraordinary support to the Dominican economy.

07-05-2008 the Caribbean Sea
Dominican Republic
Dominican Republic - Barrick Gold tries to extract 600000 ounces per year
The mining company Barrick Gold, one of the biggest producers of gold of the world, informed yesterday that he tries to extract 600000 ounces per year in Dominican Republic, simultaneously of announcing that it gained 514 million dollars during the first trimester of the year, after 29 % increased his income.

05-05-2008 Reuters
The profit of Goldcorp Inc rises for the positive operations in Latin America
The profit of Goldcorp Inc., that has operations in Canada and in Latin America, they came to 229,5 million dollars, ó 32 cents of dollar for action, over 124,9 million dollars, ó 18 cents for title, from equal trimester of last year. The best results to waited from the mine Marlin in Guatemala and The Knife-edges in Mexico helped to compensate theirs what the company qualified of a “slow beginning of year” in his operations of Canada.