File photo. Shah Marai—AFP
The Barrick Gold Corporation on Monday announced it plans to finish updating the Reko Diq feasibility study by the end of 2024, with an aim to commence production at the Balochistan copper-gold mine in 2028.
According to a press release issued by Barrick Gold CEO Mark Bristow, he commenced a three-day review of the project from Quetta on Sunday, when he and senior Barrick executives met 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. They also announced the establishment of a project office in Quetta.
The meeting, read the statement, was attended by several provincial stakeholders, including opposition leader Malik Sikandar Khan of the Jamiat Ulema-e-Islam (Fazl), and leaders of the Balochistan Awami Party (BAP), Pakistan Tehreek-e-Insaf (PTI), and the Awami National Party (ANP). It said the Balochistan chief minister had hailed the attendance of opposition leaders at the ceremony, saying this demonstrated that the government and the opposition were on the same page regarding the project.
“We have reached this stage after passing through some difficulties, including legislation, taking the political leadership into confidence and removing hurdles in signing the historical agreement,” he said.
Following the meeting, Bristow and the chief minister signed a memorandum of agreement specifying the timetable for the disbursement of committed funds to the province, including advance royalties and social development funds, so that the people of Balochistan would start to benefit from the project even before the mine goes into production. According to the agreement, this would commence with an initial payment of $3 million this month.
Reko Diq would be operated by Barrick, which owns 50% of the project, with the remainder divided between the Balochistan government (25%) and three state-owned enterprises (25%). The press release said this shareholding structure was in line with Barrick’s policy of benefit-sharing partnerships with host countries. The press release said Barrick was working to set up community development committees to identify priority projects, with a particular focus on food security, environment management, and access to education, healthcare, and potable water.
During his visit to Pakistan, the Barrick CEO also met State Minister for Petroleum 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 mining sector.