LatinNews Daily Report - 01 May 2013

ECONOMY & POLITICS| Government presents “final proposal” to Barrick. On 30 April the government of President Danilo Medina announced that it had presented its final proposal to Canadian mining company, Barrick Gold, for the renegotiation of its 2006 concession to exploit the country’s largest gold mine, Pueblo Viejo. The full details of the proposal have not been made public but minister for the presidency, Gustavo Montalvo, did say that in any scenario, the government will demand compensation retroactively for all exports, which first left the country on 13 November 2012. At the end of February Medina publicly called for the renegotiation of the contract which he described as “unacceptable” as it allows Barrick to pocket 97% of all benefits obtained through the exploitation and sale of gold extracted from Pueblo Viejo, leaving the State with “crumbs”.

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