Balochistan Receives $3 Million from Barrick Gold Corp Under Reko Diq Agreement

Gold Corporation has paid the first $3 million to the Balochistan government under the new Reko Diq agreement. Reko Diq Pakistan Country Manager Ali E Rind presented a US$ 3 million check to Saidal Khan Luni, Secretary Mines & Minerals Development Department of the Government of Balochistan. Besides today’s new of dollar inflows into the country, the new Reko Diq agreement ensures that benefits from the project begin to accrue to the people of Balochistan through advanced royalties and social development funds, well before the mine begins production. During peak construction, the project is scheduled to employ roughly 7,500 people, and once operational, it is expected to create approximately 4,000 long-term jobs. The local economy will benefit from Barrick’s policy of prioritizing local employment and suppliers. Barrick already had the industry’s best gold assets and the addition of Reko Diq would promote its copper portfolio into the world-class league, accelerating the company toward its goal of creating the world’s most valued gold and copper mining business. Barrick intends to complete the Reko Diq feasibility study update by the end of 2024, with the first production beginning in 2028. According to the updated feasibility study, Reko Diq will be a conventional open pit and milling operation that will produce a high-quality copper-gold concentrate. Pertinently, Balochistan’s interest in the mine will be fully funded, which means that the province will reap the dividends, royalties, and other benefits of its 25 percent shareholding without having to contribute financially to its construction and operations.