Barrick Gold recently announced it has reached commercial production at its 60%-owned Pueblo Viejo mine in the Dominican Republic. President and CEO Jamie Sokalsky hailed it a “milestone” while echoing a “world-class mine” expected to come full capacity in six months; Goldcorp owns the remaining 40%.
One of the world’s largest gold assets, Pueblo Viejo was completed at a capital cost of $3.7 billion. Heavy rains delayed a tailings dam during the initial stage.
Barrick’s production out of its share this year is expected at 500,000-650,000 oz, while the first five years of operation are forecast at 625,000-675,000 oz. As of year-end, the site was estimated to have 25.3 million oz of reserves.
Goldcorp, meanwhile, expects its 2013 share to be between 330,000 and 430,000 oz. A full five-year production is expected to be between 415,000 and 450,000 oz annually.