Barrick Gold Corporation, a Canada-based mining company, has targeted 2028 for the first production from the copper-gold mine in Balochistan.
In a statement issued on Monday, the company said that it plans to finish the Reko Diq feasibility study update by the end of 2024, with 2028 targeted for the first production from the giant copper-gold mine.
Reko Diq will be operated by Barrick, which owns 50 percent of the project, with Balochistan holding 25 percent and three Pakistani state-owned enterprises sharing the remaining 25 percent.
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The statement issued by the company said that as part of a three-day project review that started in Quetta, Barrick president and chief executive Mark Bristow, accompanied by senior Barrick executives, met with Balochistan chief minister Abdul Quddus Bizenjo and other provincial leaders to brief them on the extensive social and economic development opportunities that would be generated by the mine, which is expected to have a life of at least 40 years. The meeting was attended by a wide spectrum of provincial stakeholders and leaders.
After the meeting, Bristow and the chief minister signed a memorandum of agreement which specifies the timetable for the disbursement of committed funds to the province, including advance royalties and social development funds, ensuring that the people of Balochistan start earning benefits from the project well before the mine goes into production. The agreement provides for an initial payment of $3 million this month.
Barrick is working to set up community development committees to identify priority projects focused on food security, environmental management, and access to education, healthcare, and potable water, the statement added.
Bristow also met with Minister of State (Petroleum Division) Musadik Malik in Islamabad and reaffirmed Barrick’s goal to be a partner to Pakistan for decades to come and to contribute meaningfully to the development of the country’s highly prospective mining sector.
