UPDATE 1-Gold shipment detained by Dominican Republic -Barrick

Thu Mar 14, 2013 1:50pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Canadian gold company in customs hold up

* Dominican official cites documentation problem

* President has said country wants more benefits from gold project

March 14 (Reuters) - Barrick Gold Corp, the world's largest gold miner, said on Thursday that a shipment of gold from its Pueblo Viejo mine in the Dominican Republic had been detained by customs officials in the Caribbean nation.

The delay comes just weeks after Dominican President Danilo Medina demanded that the company renegotiate its operating contract for the rich gold mine and threatened to clamp a windfall tax on profits if the contract was not modified.

Toronto-based Barrick said in a statement it was investigating the cause of the delay and seeking confirmation that the shipment can resume. It gave no further details.

Fernando Fernandez, director of customs in the Dominican Republic, said the shipment was halted because of a problem with documentation.

"When it is resolved, the shipment will go out," he told reporters.

Pueblo Viejo, one of world's largest new gold projects, is jointly owned by Barrick and Canada's second largest gold miner, Goldcorp Inc.   Continued...