Gold in the DR

frank recktenwald · #1 10-18-2009, 11:33 AM

Below is from the Panamanian La Prensa about a Canadian company investing in a goldmine here in the DR.

Negocios

Empresa canadiense explotará mina dominicana

8:32 a.m. - SANTO DOMINGO, República Dominicana. (AP). -La empresa canadiense Barrick Gold Corpooration invertirá en lo inmediato 700 millones de dólares para explotar una mina de oro en República Dominicana, informó el sábado el gobierno.

Barrick Gold, el mayor productor de oro del mundo, proyecta una inversión total de 2 mil 700 millones de dólares en los siguientes cinco años, en la denominada mina de Pueblo Viejo, señaló el gobierno.

El presidente Leonel Fernández declaró el sábado que solicitó a la Barrick Gold que las ayudas solidarias que realice al país sean para desarrollar un instituto tecnológico en la ciudad de Cotuí, 100 kilómetros al norte de la capital, donde está ubicado el yacimiento.

Fernández manifestó su deseo de que los dominicanos puedan ir a Canadá a realizar postgrados y maestrías pagados por la minera.

"Eso nos va a permitir efectivamente contar con profesionales reconocidos de calidad mundial'', afirmó el mandatario ante dirigentes comunitarios de Cotuí. "Ellos, los directivos de la Barrick- se han comprometido conmigo de que efectivamente habrá un programa de becas para egresados de la universidad del Iteco''.

Hillbilly · #2 10-18-2009, 11:49 AM

So? This has been on DR1 News and Diario Libre English for quite some time.
Barrick is supposed to be reprocessing the trailings and then going in for the sulfates/sulfides??? whatever, that also have gold. A lot of ore for a tiny bit of gold, but with gold over 800 an ounce (right?) and processing under 200, they stand to make billions. They are not stupid.

Major worry is what to do with all of the sulfuric acid that results from the processing.
Something like 10,000 gallons a day according to reliable estimates. This project has been on hold since 86 for various reasons...

HB

frank recktenwald · #3 10-18-2009, 01:04 PM

I also had read those articles and that it was kind of still up in the air but when I read the article this morning in the Panamanian newspaper for me it became news again that I wanted to share with DR1.
Gold is already more than $1000/ounce and I do share your concerns about the pollution.

Quote:

Originally Posted by Hillbilly

So? This has been on DR1 News and Diario Libre English for quite some time.
Barrick is supposed to be reprocessing the trailings and then going in for the sulfates/sulfides??? whatever, that also have gold. A lot of ore for a tiny bit of gold, but with gold over 800 an ounce (right?) and processing under 200, they stand to make billions. They are not stupid.

Major worry is what to do with all of the sulfuric acid that results from the processing.
Something like 10,000 gallons a day according to reliable estimates. This project has been on hold since 86 for various reasons...

HB

bob saunders · #4 10-18-2009, 02:37 PM

There are a number of other gold deposits in the DR that have had internation exploration companies looking at development.

Mr_DR · #5 10-18-2009, 09:01 PM

Quote:

Originally Posted by Hillbilly

So? This has been on DR1 News and Diario Libre English for quite some time.
Barrick is supposed to be reprocessing the trailings and then going in for the sulfates/sulfides??? whatever, that also have gold. A lot of ore for a tiny bit of gold, but with gold over 800 an ounce (right?) and processing under 200, they stand to make billions. They are not stupid.

Major worry is what to do with all of the sulfuric acid that results from the processing.
Something like 10,000 gallons a day according to reliable estimates. This project has been on hold since 86 for various reasons...

HB

More like Over 1000 per ounce.

Tamborista · #6 10-18-2009, 09:05 PM

Quote:

Originally Posted by Mr_DR

More like Over 1000 per ounce.

$1053.50 to be exact!

dieselguy · #7 10-18-2009, 11:18 PM

My amiego,------ had a Jewelry store for many years. He told me about a u.s. guy who came here , met a girl and was not leaving until she came w/him. He came into his shop every other month w/a bag of nuggets,river gold. Then it was about 3 k us a month in late 80's. He was working the river. Slucing (sp)? Working the river.
That canadian co. waited for a friendly administration and some solid guarantees. They did not know the market price.
I never visited the site but was invited.
I dont want pollution.!!!!

suarezn · #8 10-18-2009, 11:57 PM

Barrick is already started the process of setting up all necessary equipment, personnel, etc to start full fledge operations next year. Tons of people being hired in Cotui and their trucks are all over town. They are injecting quite a bit of money into the local economy already and also driving up prices of everything specially housing which is now more expensive in Cotui than in Santiago.

dieselguy · #9 10-19-2009, 12:06 AM

How many ships left the Hispaniola w/ gold in their holds. A couple of years ago or so a huge treasure was located. Case is still in courts.
I took a related couple to shop and they bought a ruby and diamond antique necklace. (insider trading)....Holy cow were they happy. I had it looked at in n.y. and got buy prices of more than double their purchase price. They paid 800$us. and i thought it was worth 2500$ They gave it as a gift to daughter...
I'm not sure if this country is awash w/gold, but there is enough to spark my interest.

pedrochemical · #10 10-27-2009, 09:15 PM

Methinks that current gold prices reflect a developing bubble.
Interestingly though, gold is worth half of what it was some time in the '80's if you take inflation into account.