Barrick Gold Corporation made the first payment of $3 million (nearly Rs 750 million) to the government of Balochistan as part of the Reko Diq partnership.
Ali Rind, Country Manager of Reko Diq Pakistan, presented a $3 million check to Mines and Minerals Development Department Secretary Saidal Khan Luni.
According to the contracts, Barrick Gold and the Balochistan government agreed on a timetable for distributing committed funds to the province. The agreement ensured that benefits from the project would accrue to the people well before the mine began production through advanced royalties and social development funds. The project is projected to hire nearly 7,500 people, and once in production, it will create approximately 4,000 long-term jobs, said the statement released by the company.
“Barrick’s policy of prioritising local employment and suppliers will benefit the local economy,” said the company. The company added that Barrick is working to establish community development committees to recognise priority projects centred on food security, environment protection, and access to healthcare, potable water, and education. Reko Diq is envisaged as a conventional open pit and milling operation, producing a high-quality copper-gold concentrate.
According to the press release, the project will be accomplished in two phases, beginning with a plant capable of processing around 40 million tonnes of ore per year, which could be doubled in five years after the first production from phase one. With its unique combination of large scale, low strip and a good grade, Reko Diq will be a multi-generational mine with a life of at least 40 years.
On January 16, Barrick Gold Corporation CEO Mark Bristow declared that the company set 2028 as the target year to start production at the massive copper-gold mine in Reko Diq, Balochistan. Talking to the media, he said that the company also intends to finalize an updated Reko Diq feasibility study by the end of 2024.