Barrick Gold to start production at Reko Diq in 2028

January 18, 2023

Chief Executive of Barrick Gold Corporation Mark Bristow said that Barrick had set the goal of beginning the first production at the massive copper-gold mine Reko Diq in Balochistan province in 2028. Barrick Gold, which owns 50% of the project, will run Reko Diq. Balochistan will control 25% of the project, while three state-owned businesses in Pakistan will share the remaining 25%. The ownership structure complies with Barrick's strategy of benefit-sharing alliances with its host countries.

Bristow met Balochistan Chief Minister Abdul Quddus Bizenjo and other provincial leaders as part of a three-day project review that began in the provincial capital Quetta. He briefed them on the vast opportunities for social and economic development that would be generated by the mine, which is anticipated to have a life of at least 40 years.

Following the meeting, Bristow and the chief minister signed a memorandum of understanding that outlines the schedule for the distribution of committed funds to the province, including advance royalties and social development funds, and makes sure that Balochis begin to profit from the project long before the mine starts operating. The contract calls for a $3 million first payment this month.

Barrick is striving to establish community development committees to identify priority projects focusing on food security, environmental management, and access to education, healthcare, and drinkable water. Bristow also met Musadik Malik, Minister of State (Petroleum Division), in Islamabad, where he underlined Barrick's intention to work with Pakistan for many years to come and make a significant contribution to the growth of the country's extremely promising mining industry.

Credit : Independent News Pakistan-WealthPk