The Dominican Republic has completed a review of the location for a new tailings storage facility for Barrick Gold’s (TSX: ABX; NYSE: GOLD) Pueblo Viejo gold mine expansion project that will extend production at the Tier One asset beyond 2040.
The world’s second-largest gold producer had warned last year that production at the mine would have to end in 2030 without a new mining waste depository.
The expansion will also enable the mining of lower grades in the existing deposit, supporting annual output of more than 800,000 oz. of gold.
According to a Barrick news release, the Dominican government has provided several alternatives for further assessment. In parallel, Barrick has completed its own alternatives study that produced a different set of feasible sites for further evaluation.
The two separate assessments independently identified four alternative sites, of which two spots in the Sanchez Ramirez province warrant further investigation.
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