Barrick pulls the trigger on Pueblo Viejo expansion

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.