Dominican Republic

An open-pit gold-silver mine, Pueblo Viejo, was started in the Dominican Republic in 1975 by Rosario Resources Corporation. At the time, it was one of the world’s largest open pits, with a high grade doré bullion yielding over 12 tonnes (0.4 m oz) of gold and 50 tonnes (1.6 m oz) of silver. However, the upper oxide zone of the pit was worked out by 1996 and the mine closed. The property is now owned by a state company, Rosario Dominicana, which has sought to attract an international mining company to exploit the lower sulphide zone, initially without success. In October 2000, however, a new Dominican administration announced plans to reform the mining sector and offer any private mining company exclusive rights to the Pueblo Viejo gold reserves. Placer Dome of Canada confirmed recently that it had finalized an agreement to develop the gold project. The agreement is now awaiting approval by the Dominican Congress. Under the license’s terms, the Canadian company has 36 months to start mining at Pueblo Viejo, which is expected to have a 33-year life.