According to a press release, Barrick Gold Corporation has paid the first $3 million to the Balochistan provincial government as part of the new Reko Diq agreement.
Barrick shared that the Balochistan government and the company agreed on a schedule for the distribution of the committed funds to the province following the conclusion of the legal process last month.
According to the press release, Mr. Saidal Khan Luni, Secretary of the Mines and Minerals Development Department of Balochistan, received the $3 million check from Reko Diq Pakistan Country Manager Ali E. Rind.
Barrick stated that the new Reko Diq agreement ensures that advanced royalties and funds for social development will begin to accrue to the people of Balochistan prior to the mine’s production.
In addition, it stated that when production begins, the project will generate approximately 4,000 long-term jobs and employ approximately 7,500 people during peak construction.
According to the press release, the company intends to finish the Reko Diq feasibility study update by the end of 2024, with the first production planned for 2028.
According to Barrick, Reko Diq is planned as a conventional open pit and milling operation that will produce a copper-gold concentrate of high quality. It will be built in two stages, the first of which will be a plant that will process approximately 40 million tonnes of ore annually. This number could double in five years after phase one’s first production. The statement concluded that Reko Diq will be a multi-generational mine with a minimum 40-year lifespan due to its unique combination of large scale, low strip, and good grade.
It is important to note that Reko Diq will be run by Barrick, which owns 50% of the project. Balochistan holds 25%, and three state-owned Pakistani businesses will split the remaining 25%.
According to the statement, “The shareholding structure is in line with Barrick’s policy of benefit-sharing partnerships with its host countries.”
