Dominican gold mine to get $2.7bn
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A Dominican gold mine will receive $2.7 billion dollars in investment from the Barrick Gold Corporation.
Representatives from the company met with the president Leonel Fernandez at a lunch meeting earlier this week and discussed the development of the gold mine, which is situated at Pueblo Viejo, 70 miles northwest of the capital Santo Domingo.
Peter Munk, chairman of Barrick Gold, said that the investment would benefit the Caribbean island's economy as well as providing jobs for the local communities and encouraging capital growth.
He told DominicanToday.com: "We feel very excited with the advance accomplished so far in the Pueblo Viejo project, and foresee the positive continuity of the advances in this important project."
The Dominican government added that the money given to build the mine and its processing plant would be "the most important" foreign investment in the country.
According to the Economist, foreign investment in the country is supported by membership of the Dominican Republic-Central American Free Trade Agreement, which came into force in March 2007.
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