Barrick's Pueblo Viejo in the Dominican Republic is considered one of the company's tier one assets. Courtesy of Barrick.

Barrick Gold announced a proposal for a US$1billion expansion of its Pueblo Viejo mine in the Dominican Republic on Monday. The company expects to complete a feasibility study for the expansion in 2020. 

According to a press release from Barrick, the expansion and investment would extend the life of mine into the 2030’s “and beyond,” and would be expected to double the current contribution of the mine. The mine is a 60-40 joint venture between Barrick and Newmont Goldcorp.