Dominican Republic Rejects $4 Billion Barrick Mine Contract

The Dominican Republic’s existing contract for the development of a $4 billion mine by Barrick Gold Corp. and Goldcorp Inc. is unacceptable and must be changed, President Danilo Medina said.

The government’s contract with the two Canadian companies at the Pueblo Viejo mine needs to be revised to provide more benefit to the Dominican Republic, Medina said in his independence day speech to Congress today. If the contract can’t be modified, the government will back legislation to increase taxes on expected export earnings of mineral companies, he said.