Barrick gold shipment detained by Dominican Republic – by Reuters (Globe and Mail – March 14, 2013)

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

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.

On Feb. 27, in a speech marking the 169th anniversary of the Dominican Republic’s independence, Mr. Medina said the terms of the contract with the two Canadian miners were unacceptable and demanded more benefits from the mine. The contract was negotiated before Mr. Medina took office last August.

For the rest of this article, please go to the Globe and Mail website: http://www.theglobeandmail.com/globe-investor/barrick-gold-shipment-detained-by-dominican-republic/article9784581/%3bjsessionid=9J6vRD9hxKZNvr4Vn2T9vKWNMJtpyfmRf1Q9ZNMYWtBT17lsX1Yj!2068608210/?ord=1

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