NewsWhore
02-28-2008, 03:20 PM
Canada's Barrick Gold Corporation and Goldcorp announced they would proceed with the US$2.7 billion gold mining project located in northeastern Cotui. The announcement comes at a time of record gold prices.
The companies submitted a feasibility study and the project notice to the government in order to proceed with the Pueblo Viejo project. Construction is expected to take 3-1/2 years.
Total proven and probable reserves for Pueblo Viejo at December 31, 2007 were estimated to be 20.4 million ounces of gold with 423.6 million pounds of copper and 117.3 million ounces of silver contained within the gold reserves.
As released by Barrick Gold, the Pueblo Viejo feasibility study includes the following estimates:
- 3,500 jobs are expected to be created during a construction period of about three and a half years, and over 1,000 jobs are expected to be created during the subsequent period of the mine's operation - currently estimated to be about 25 years;
- Construction capital is expected to be approximately US$2.7 billion which represents an increase from the US$2.1-US$2.3 billion estimate of February 2007 - this primarily reflects a throughput rate increase to 24,000 tons per day (tpd) from 18,000 tpd; and
- Production is projected to be almost one million ounces of gold per year during the first full five years of production.
The project also envisions plans to clean up historic environmental damage from a previous state-owned operation and a comprehensive environmental management plan to address future operations in a responsible fashion and in accord with high environmental standards.
More... (http://www.dr1.com/index.html#11)
The companies submitted a feasibility study and the project notice to the government in order to proceed with the Pueblo Viejo project. Construction is expected to take 3-1/2 years.
Total proven and probable reserves for Pueblo Viejo at December 31, 2007 were estimated to be 20.4 million ounces of gold with 423.6 million pounds of copper and 117.3 million ounces of silver contained within the gold reserves.
As released by Barrick Gold, the Pueblo Viejo feasibility study includes the following estimates:
- 3,500 jobs are expected to be created during a construction period of about three and a half years, and over 1,000 jobs are expected to be created during the subsequent period of the mine's operation - currently estimated to be about 25 years;
- Construction capital is expected to be approximately US$2.7 billion which represents an increase from the US$2.1-US$2.3 billion estimate of February 2007 - this primarily reflects a throughput rate increase to 24,000 tons per day (tpd) from 18,000 tpd; and
- Production is projected to be almost one million ounces of gold per year during the first full five years of production.
The project also envisions plans to clean up historic environmental damage from a previous state-owned operation and a comprehensive environmental management plan to address future operations in a responsible fashion and in accord with high environmental standards.
More... (http://www.dr1.com/index.html#11)