ISLAMABAD: Mark Bristow, president and chief executive officer of Barrick Gold Corporation, disclosed on Monday that the company intends to complete the Reko Diq feasibility study update by the end of 2024, with first production anticipated in 2028 from the enormous copper-gold mine in Balochistan.
The statement by the chief executive came after the legal procedures and definitive transaction agreements were completed last month.
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 released statement, “The shareholding structure is in line with Barrick’s policy of benefit-sharing partnerships with its host countries.”
Bristow and senior Barrick executives met with Balochistan Chief Minister Abdul Quddus Bizenjo and other provincial leaders as part of a three-day project review that began in Quetta to inform them of the numerous opportunities for social and economic development that the mine, which is anticipated to last at least 40 years, would provide.
A wide range of provincial stakeholders and leaders attended the meeting, including representatives of the Balochistan Awami Party, Pakistan Tehreek-e-Insaf, and Awami National Party, as well as leader Malik Sikandar Khan of the Jamiat Ulema Islam-Fazl (JUI-F).
Bristow and the chief minister signed a memorandum of agreement after the meeting that lays out the timeline for the distribution of committed funds to the province. These funds include advance royalties and funds for social development. This ensures that the people of Balochistan will begin to reap the benefits of the project well before the mine starts producing any metal.
The agreement stipulates a monthly initial payment of $3 million.
Barrick is working toward the establishment of community development committees in order to prioritize projects pertaining to environmental management, food security, access to education, healthcare, and potable water, and food security.
Bristow met State Minister for Petroleum Musadik Malik in Islamabad and reiterated Barrick’s goal of being a long-term partner with Pakistan and meaningfully contributing to the growth of the country’s highly promising mining sector.
