Royalty Demands: Barrick Gold & The Dominican

Barrick Gold’s (NYSE, TSX: ABX) has a 60% interest in the Pueblo Viejo mine in the Dominican Republic. The mine is joint ventured with Gold Corp as they own the remaining 40%.

Recently during a legislative forum organized by the lower chamber of the city of Cotuí, participants such as residence, community members, and activist groups pushed for the federal government to transfer 5 percent of the royalties to the province of Sánchez Ramírez.

According to a local media report, forum participants said that the royalty payments to the province are required as stated in the contract which the Dominican Republic signed with Barrick Gold. But the local media report claims the current president and his administration is not going through with its commitment to the province.

The Pueblo Viejo mine started producing in 2012 and currently has proven and probable reserves of 7.2 million ounces.

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