The company Pueblo Viejo Dominicana Corporation (PVDC) announced the continuous advance of its mining project at Pueblo Viejo, Cotui (northeast), Dominican Republic’s biggest ever foreign investment project.

PVDC, a joint investment between two Canadian companies; the Toronto based Barrick Gold Corporation, with a 60% stake, and the Vancouver-based Goldcorp Inc., with 40%, said it will spend US$2.7 billion in pre-production.

In an emailed statement, PVBC said it will spend an additional US$300 million to complete the expansion phase, expected to raise the plant’s to 24,000 tons daily from the initial 18,000 tons per day, when the mine enters operation.

It said the project has about 425 employees, 90% of which are Dominican, and around 900 contractors; the construction phase is expected to create 3,500 direct jobs and another 1,000 when production starts in the fourth quarter of 2011.

PVDC added that the mine, located in Sanchez Ramirez province, is expected to be in production for at least 25 more years.

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