(Kitco News) - Barrick Gold (NYSE:ABX) said today it will spend an initial investment of $1.3 billion to expand the process plant and the tailings facility at its Pueblo Viejo gold mine in the Dominican Republic.



The company said extending the mine's life will increase exports by $22 billion and generate more than $4 billion in taxes at a gold price of $1,500 per ounce.



Between 2013 and 2016 Barrick Gold touted that Pueblo Viejo paid $1.8 billion in direct taxes and last year its exports accounted for more than 38% of the country’s total.



The expansion is needed to enable the mine to exploit the lower grades in the orebody. The expansion is not intended to process ore from outside the current concession area.



Barrick said it successfully commissioned the mine’s Quisqueya 1 power plant to natural gas, cutting greenhouse gases by 30%. By Kitco News For Kitco News Follow @kitconewsnow www.kitco.com

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