Barrick and Goldcorp's Pueblo Viejo boosts Dominican economy

Despite tighter government fiscal policy, the economy of the Dominican Republic grew 2.8% in the second quarter of 2013, supported by an increase in mining exports from Pueblo Viejo, the $4 billion gold mine jointly owned by Barrick Gold (60%) and Goldcorp (40%).

The economy, which grew at a weak 0.3% in the first quarter, has enjoyed a 223% increase in mining activity since January 2013 when commercial production at Pueblo Viejo began.

Pueblo Viejo, located approximately 100 kms northwest of the capital city of Santo Domingo, is one of the world's largest gold assets with proven and probable gold reserves of 25 million ounces.

2014 production could reach 1 million ounces according to the government, and the projected mine life is more than 30 years.

Pueblo Viejo (Credit: Noticias Tony Sosa)