- Barrick Gold Corporation (ABX) is on track to complete its Reko Diq copper-gold project feasibility study update by 2024 and have the mine in production by 2028
- The project will be operated by Barrick, and co-owned with three Pakistan state-owned enterprises and the province of Balochistan
- The project is said to hold 12.3 million tonnes of copper and 20.9 million ounces of gold indicated and inferred
- Chief Minister Abdul Quddus Bizenjo recently signed an agreement with Barrick outlining the timetable of payments to the province from the project
- The agreement provided an initial payment of $3 million this month
- Barrick Gold Corporation (ABX) is down 0.27 per cent, trading at $26.23 per share as of 12:05 p.m. EST
Barrick Gold Corporation (ABX) is on track to complete its Reko Diq copper-gold project feasibility study update by 2024 and have the mine in production by 2028.
The Reko Diq project will be operated by Barrick, which owns 50 per cent of the project. The province of Balochistan in Pakistan holds 25 per cent and three Pakistani state-owned enterprises share the remaining 25 per cent. The project is said to hold 12.3 million tonnes of copper and 20.9 million ounces of gold, indicated and inferred.
As part of a recent three-day project review, senior Barrick executives met with Balochistan Chief Minister Abdul Quddus Bizenjo and other provincial leaders. The parties discussed the social and economic development opportunities that would be generated by the mine, which is expected to have a life of at least 40 years.
The Chief Minister then signed a memorandum of agreement with the company, which outlined the timetable for the payment of funds to the province. This included advanced royalties and social development funds for the people of Balochistan to start earning from before the mine goes into production, with an initial payment of $3 million this month.
Barrick stated it is working to set up community development committees to identify priority projects focused on food security, environmental management and access to education, health care, and potable water.
Barrick Gold Corporation (ABX) is down 0.27 per cent, trading at $26.23 per share as of 12:05 p.m. EST.
