Barrick Gold will look to spend $1.3-billion to extend the life of its Pueblo Viejo mine in the Dominican Republic beyond 2040, CEO Mark Bristow said on Wednesday, as the miner looks to wring more value from its existing assets.
The proposed expansion of the processing plant and tailings facility at Pueblo Viejo will enable the mine to exploit lower grades, Bristow told local media and businessmen.
The mine, located about 100 km northwest of the capital Santo Domingo, is operated by a joint venture of which Barrick holds 60% and Newmont Corp the remaining.