Pueblo Viejo Pays Another $185 Million in Taxes, Bringing Its Total Cash Distribution to the Dominican Government to +$2 Billion
PRESS RELEASE
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Pueblo Viejo Pays Another $185 Million in Taxes,
Bringing Its Total Cash Distribution to the Dominican
Government to +$2 Billion
All amounts expressed in US dollars unless otherwise indicated
Santo Domingo, Dominican Republic – April 24, 2020 – In the first four months of 2020, Pueblo
Viejo Dominicana Corporation, operator of the Pueblo Viejo gold mine, has paid $185 million
(approximately RD$9,870 million Dominican pesos) in direct taxes and $9 million in indirect taxes
to the Dominican Government. These payments include advances of income taxes, net profit
interest and royalties on the sales of gold and silver paid in the first quarter of 2020, as well as
the final settlement of the 2019 fiscal year.
In an early payment this month to help contribute to the stability of the Dominican economy and
aid the country in combatting and containing the spread of the Covid-19 pandemic, Pueblo Viejo
paid $113 million (equivalent to RD$6,120 million Dominican pesos) to the Internal Tax Collector
(DGII), despite the Dominican Government extending its deadline for certain tax declarations.
This brings Pueblo Viejo’s total tax payments to the Government to more than $2 billion
(equivalent to RD$93,776 million Dominican pesos) since 2013.
Pueblo Viejo's exports in the first quarter of this year represented 37% of the country's total
exports of national goods, with a value of $399 million of a total of $1,081 million1.
Pueblo Viejo has been supporting actions to mitigate the impact of Covid-19 in the country and
the communities near its operations. To this end, it has committed nearly $1 million (equivalent to
RD$53 million Dominican pesos) to various initiatives, including the donation of face masks, latex
gloves, gowns, hats and antibacterial gel, delivery of non-perishable food kits to nearby
communities, and the donation of 53,000 gallons of ethyl alcohol.
“Our aim is to continue contributing to the so cial and economic development of the Dominican
Republic by applying our sustainability philosophy to create long-term value for all our
stakeholders, especially the government and people of the Dominican Republic,” said Barrick
Pueblo Viejo President Juana Barceló.
About Pueblo Viejo
Pueblo Viejo is located in the Dominican Republic, approximately 100 kilometers northwest of the
capital city of Santo Domingo, and is operated by the Pueblo Viejo Dominicana Corporation — a
joint venture between Barrick (60%) and Newmont (40%). Development of the Pueblo Viejo
project started in 2009, with first production in 2012. The company’s workforce is 97% Dominican.
Earlier this year, the conversion of the m ine’s Quisqueya 1 power plant to natural gas was
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successfully commissioned. This will cut greenhouse gases by 30% and nitrogen oxide by 85%,
further reducing Pueblo Viejo’s impact on the environment. An agribusiness project is also
planned as an additional benefit for the local communities.
Enquiries:
Investor and media relations
Kathy du Plessis
+44 20 7557 7738
Email: [email protected]
Website: www.barrick.com
Endnote 1
According to the March export report issued by the Export and Investment Center of the
Dominican Republic (CEI-RD, in Spanish).
Cautionary Statement on Forward-Looking Information
Certain information contained in this press release, including any information as to Barrick’s
strategy or future financial or operating performance, constitutes “forward-looking statements”. All
statements, other than statements of historical fact, are forward-looking statements. The words
“support”, “commit”, “aim”, “continue”, “contribute”, “provide”, “consider”, “will”, “challenge” and
similar expressions identify forward-looking statements. In particular, this press release contains
forward-looking statements including, without limitation, with respect to funds to be provided to
help mitigate the impact of the Covid-19 virus in the Dominican Republic and the communities
near the Pueblo Viejo mine, Barrick’s contributions to the social and economic of the Dominican
Republic, proposed reductions in greenhouse gas emissions from the Quisqueya 1 power plant
and the potential benefits of a proposed agribusiness project for local communities.
Forward-looking statements are necessarily based upon a number of estimates and assumptions;
including material estimates and assumptions related to the factors set forth below that, while
considered reasonable by Barrick as at the date of this press release in light of management’s
experience and perception of current conditions and expected developments, are inherently
subject to significant business, economic, and competitive uncertainties and contingencies.
Known and unknown factors could cause actual results to differ materially from those projected
in the forward-looking statements, and undue reliance should not be placed on such statements
and information. Such factors include, but are not limited to: the risks associated with Covid-19
and other infectious diseases presenting as major health issues; failure to comply with
environmental and health and safety laws and regulations; operating or technical difficulties in
connection with mining or development activities, including geotechnical challenges, and
disruptions in the maintenance or provision of required infrastructure and information technology
systems; changes in national and local government legislation, taxation, controls, or regulations
and/or changes in the administration of laws, policies, and practices, expropriation or
nationalization of property and political or economic developments in the Dominican Republic;
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lack of certainty with respect to foreign legal systems, corruption and other factors that are
inconsistent with the rule of law; risks associated with illegal and artisanal mining; risk of loss due
to acts of war, terrorism, sabotage and civil disturbances; timing of receipt of, or failure to comply
with, necessary permits and approvals; litigation and legal and administrative proceedings;
damage to the Barrick’s reputation due to the actual or perceived occurrence of any number of
events, including negative publicity with respect to the Barrick’s handling of environmental matters
or dealings with community groups, whether true or not; contests over title to properties,
particularly title to undeveloped properties, or ov er access to water, power, and other required
infrastructure; employee relations including loss of key employees; increased costs and physical
risks, including extreme weather events and resource shortages, related to climate change; and
availability and increased costs associated with mining inputs and labor. In addition, there are
risks and hazards associated with the business of mineral exploration, development, and mining,
including environmental hazards, industrial accidents, unusual or unexpected formations,
pressures, cave-ins, flooding, and gold bullion, copper cathode, or gold or copper concentrate
losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause
actual results to differ materially from those expressed or implied in any forward-looking
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whether as a result of new information, future events or otherwise, except as required by
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