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Thread: Gold!

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    From the article:

    "If the mining companies are honest and if Haiti has a good government, then here is a way for this country to move forward," said Bureau of Mines Director Dieuseul Anglade.

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    Wind: I had the same exact reaction when I saw that line. So many ifs...We're going through that same situation in Cotui right now where Barrick is going to take out a huge amount of gold and The DR in general will see very little of that money and Cotui even less...and this is The DR where at least there is some semblance of rules and regulations...imagine Haiti where the company can just pay off some people and not even have to worry about extracting it in a somewhat environmentally responsible way. It's a darn shame that the riches of the people don't normally provide for those same people...

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    If gold is found it would only bring on more greed and coruption. Sad but true.

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    Quote Originally Posted by windeguy View Post
    From the article:

    "If the mining companies are honest and if Haiti has a good government, then here is a way for this country to move forward," said Bureau of Mines Director Dieuseul Anglade.
    I was there shortly after the earthquake and astounded by the stark contrast. Massive destruction, bodies still entombed in collapsed buildings, tent villages, NATO forces... then the Haitian tagged luxury vehicles. I can not think of a scenario that would have the gold wealth make a change for the country or those so desperately in need. Very sad.

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    if they start taking a good amount of gold out of the ground i want to be the guy selling the AK -47's because someone is going to fight for this. it's happening in Africa with the gold and diamond mines, in Columbia there are still a lot of armed guerillas in and around any gold mines. show me a gold mine and i'll show you a revolution. maybe just maybe the Hiatians will finally stand up and fight for something.

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    Collingwood: If you're going to dislike my post at least have the decency of stating a position...Are you telling me the money generated from the vast amounts of gold we have in Cotui is creating riches there? Have you been to Cotui lately?

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    I have got nothing to do with the Barrick company here... but I thought they employed around 8,000 locals here. And rental properties owners all over the country are very happy with Barrick....

    Unless this info is wrong, please enlighten me why this is not a good thing (except for us expats trying to rent a place )

    BelgianK

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    BelgianK: First let's do some simple math. As of 2008 the total PROVEN gold reserves in the Pueblo Viejo mine was about 22 million ounces. If we multiply this by a very low price of about 1500 USD per ounce (current price is about 1560) gives us a nice chunk of change...about 22,500,000,000 worth. On top of that there are proven reserves of 107 million ounces of silver, 424 million pounds of copper, etc...altogether estimated at about 35 billion+ at current prices. Of that money the DR government will most likely see a big fat zero or very little as the contract that was negotiated states that Barrick only has to give some money back to The DR government IF and when they recoup ALL of their investments (they put it at about 3 billion...experts say it is only about 1.2 billion) and once they recoup that investment they only have to pay any taxes over and above any NET profits they make over 10%.

    Yes there has been some economic impact in Cotui and surrounding area as the result of the build up where they had to employ about 3,500 or so mostly temporary employees, but that's going down dramatically by the end of this year when they start production. Once that happens they plan to operate with less than 1,000 full time employees of which most are NOT from Cotui and actually many of them are not even Dominicans (Cotui looks like a little Peruvian town right now...there's even a little Peruvian restaurant). So while there's some temporary benefits in the end what Cotui will get is a pittance and of course I expect that we'll be left holding the bag in the end with contaminated land, rivers, etc...

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    Quote Originally Posted by suarezn View Post
    BelgianK: First let's do some simple math. As of 2008 the total PROVEN gold reserves in the Pueblo Viejo mine was about 22 million ounces. If we multiply this by a very low price of about 1500 USD per ounce (current price is about 1560) gives us a nice chunk of change...about 22,500,000,000 worth. On top of that there are proven reserves of 107 million ounces of silver, 424 million pounds of copper, etc...altogether estimated at about 35 billion+ at current prices. Of that money the DR government will most likely see a big fat zero or very little as the contract that was negotiated states that Barrick only has to give some money back to The DR government IF and when they recoup ALL of their investments (they put it at about 3 billion...experts say it is only about 1.2 billion) and once they recoup that investment they only have to pay any taxes over and above any NET profits they make over 10%.

    Yes there has been some economic impact in Cotui and surrounding area as the result of the build up where they had to employ about 3,500 or so mostly temporary employees, but that's going down dramatically by the end of this year when they start production. Once that happens they plan to operate with less than 1,000 full time employees of which most are NOT from Cotui and actually many of them are not even Dominicans (Cotui looks like a little Peruvian town right now...there's even a little Peruvian restaurant). So while there's some temporary benefits in the end what Cotui will get is a pittance and of course I expect that we'll be left holding the bag in the end with contaminated land, rivers, etc...
    That's about right....the Barrick Gold contract situation is shame...

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