Pueblo Viejo (Project)
Pueblo Viejo is located in the Dominican Republic, approximately 100 kilometers northwest of the capital city of Santo Domingo. Barrick holds a 60% interest and Goldcorp owns the remainder.
Our equity share of proven and probable gold reserves at Pueblo Viejo increased 1.4 million ounces in 2007 to 12.3 million ounces and another 9% to 13.3 million ounces as of July 31, 2008. As a result of Barrick’s thorough review of Placer Dome’s plans, Barrick determined that Pueblo Viejo also has significant amounts of zinc (1.6 billion pounds), copper (254 million pounds) and silver (70.4 million ounces) contained within the gold reserves (Barrick’s share) 1. The mine life is currently estimated to be approximately 25 years and after a 3.5 year construction period Barrick’s share of annual production is expected to be about 600,000 ounces of gold during the first full five years of production. Estimated pre-production capital costs are $2.7 billion (100% basis). Post start-up, an additional $0.3 billion (100% basis) is expected to complete the phased expansion to 24,000 tonnes per day (tpd).
The joint venture submitted a feasibility study and the project notice to the Government of the Dominican Republic in late February 2008 in order to proceed with the project.