Barrick on track with Pueblo Viejo expansion

Barrick Gold’s US$1.3bn Pueblo Viejo expansion in the Dominican Republic remains on track despite uncertainty over a planned tailings storage facility (TSF), CEO Mark Bristow said.

“The expansion project remains on track and on budget, and its SAG [semi-autogenous grinding] mill is now on route to the site. Bulk earthworks for the plant have been completed,” Bristow told the company's Q1 earnings call.

His comments follow local opposition to plans for a new TSF, required for the expansion.

A violent protest late last month prevented residents from attending talks on the proposals organized by the company.

Toronto-based Barrick said the protests were by a small group of “detractors” who have so far resisted calls for talks.

Bristow told the call he remains committed to a full consultation with all interested and affected parties, and also said the tailings proposals are in the best interest of local communities, as well as provincial and national economies.

“We're very confident that we'll progress this and find an outcome that will benefit everyone and be acceptable to the majority,” he added.

TIMING

The new tailings storage facility must be operational during 2025 in order for Barrick to advance its expansion as planned, said Bristow.

“We would like to have a target nearer term so that we make sure that we do arrive at the right place before it becomes critical,” he said.

The expansion will enable Barrick and 40% JV partner Newmont to maintain production at Pueblo Viejo - Latin America’s biggest gold mine - at around 800,000oz/y into the 2040s.