A lucrative business
Pueblo Viejo was only slightly behind Glasberg. In 2014, the mine produced 108 million ounces of gold. Pueblo Vieho is a new mining business, which was formed in 2012 as a joint venture between Barrick (60%) and Goldcorp (40%). The mine is considered to have significant reserves, so it will remain an important source of gold for decades to come. Pueblo Viejo is a small town on the southern coast of the Dominican Republic, about 60 miles from Santo Domingo. Barrick’s action is the latest in a series of projects at the site. In 1975 rosario Domenica, a state-owned company, began mining the area, producing 5m ounces of silver and gold over the next 16 years. It was shut down in 1991 when commodity prices were depressed. Predorm, based in Canada, won a 33-year contract in 2001. Barrick Gold, the world’s largest gold miner, acquired Predomo in 2006 and set up a company in the Dominican Republic in 2009.