According to a press release from Barrick Gold Corporation, the first $3 million of the new Reko Diq deal has been paid to the provincial government of Balochistan.
According to Barrick, the Balochistan government and the business decided on a schedule for the distribution of the committed money to the province once the legal process was finished last month.
According to a press statement, the Secretary of Mines and Minerals Development Department of Balochistan, Mr. Saidal Khan Luni, received the $3 million check from Reko Diq Pakistan Country Manager Ali E. Rind.
According to Barrick, through advanced royalties and social development funding, the new Reko Diq deal assures that benefits from the project begin accruing to the people of Balochistan well before the mine goes into production.
It further stated that once production begins, the project will provide about 4,000 long-term jobs in addition to 7,500 temporary ones during peak construction.
According to the press announcement, the business intends to complete the Reko Diq feasibility study update by the end of 2024, with the first production set for 2028.
According to Barrick, Reko Diq is expected to be open to the potential pit and milling operation that will produce a superior copper-gold concentrate. It would be built in two stages, the first of which will include a factory processing 40 million tonnes of ore annually, with the capacity to double after the first phase’s output in five years. The statement stated that Reko Diq will be a multi-generational mine with a life of at least 40 years because of its exceptional mix of big scale, low strip, an outstanding grade.
It should be noted that Barrick, which owns 50% of the project, will operate Reko Diq. Balochistan will own 25% of the project, and three Pakistani state-owned firms will split the other 25%.
“The shareholding structure is in line with Barrick’s policy of benefit-sharing partnerships with its host countries,” said the statement.
