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CEO says huge Dominican Republic gold mine 'essentially complete' and ready to operate
SAN JUAN, Puerto Rico (AP) ¯¯¯ The CEO of the world's largest gold company says production will start in August at the huge Pueblo Viejo mine in the Dominican Republic.
Barrick Gold Corp. CEO Jamie Sokalsky says Pueblo Viejo is "essentially complete" after an investment of about $3.8 billion.
He told analysts and investors on a conference call Thursday that Pueblo Viejo is expected to produce up to 125,000 ounces of gold this year and to reach full production in 2013.
Pueblo Viejo is a joint venture of Toronto-based Barrick and Goldcorp Inc. of Vancouver. It is expected to be among the world's most productive gold mines. It's the largest private investment ever in the Dominican Republic.
The project is operating at the site of a former state-owned mine that caused extensive environmental damage.