March 11, 2020 / 12:56 PM / a month ago

Barrick's Pueblo Viejo mine expansion needs $1.3 bln initial investment

March 11 (Reuters) - Canadian miner Barrick Gold Corp's proposed expansion of its Pueblo Viejo mine in the Dominican Republic will require an initial investment of $1.3 billion, Chief Executive Officer Mark Bristow said on Wednesday.

The expansion will enable the mine to exploit lower grades, Bristow said when addressing local media and businessmen.

The mine, located about 100 km northwest of the capital Santo Domingo, is operated by a joint venture of which Barrick holds 60% and Newmont Corp the remaining. (Reporting by Arundhati Sarkar in Bengaluru; Editing by Shounak Dasgupta)

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