Canadian venture to pay more for Dominican gold

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Associated Press

Posted on May 8, 2013 at 7:05 PM

Updated Wednesday, May 8 at 10:00 PM

SANTO DOMINGO, Dominican Republic (AP) — A Canadian company says it has reached an agreement in principle with the government of the Dominican Republic to alter the terms of a disputed contract for a large gold mine in the Caribbean country.

Barrick Gold Corp. says the changes announced Wednesday are expected to provide an additional $1.5 billion to the Dominican government over the life of the Pueblo Viejo mine.

Toronto-based Barrick is the majority partner in a venture that operates the mine. Goldcorp Inc. of Vancouver is the other partner. Pueblo Viejo reopened last year and is among the world's largest gold mines.

The government has sought to re-open the contract to help close a budget deficit. Previously, the venture was expected to pay about $7 billion over the 25-year life of the mine.

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