Barrick Gold to start production from Reko Diq mine by 2027

ISLAMABAD: Barrick Gold Corporation Chief Executive Officer Mark Bristow has said the company will invest approximately $7 billion in Reko Diq mines for developing gold and copper in two phases and start production by 2027.

During a visit to Islamabad, Mark Bristow held a meeting Finance Minister Miftah Ismail and discussed the project. The finance minister said Pakistan is looking forward to investment by Barrick Gold Corporation in copper and gold mine sectors of Pakistan.

He said Mark Bristow has an enlightened vision and this investment will be transformational for Balochistan and Pakistan. The two sides expressed commitment to developing the Reko Diq copper gold project as a world-class mine that would create value for Pakistan and its people.

Chief Executive Officer of Barrick Gold Corporation Mark Bristow has expressed confidence that his company would start production from Reko Diq copper-gold mine by 2027.

Addressing a news conference in Islamabad, he said the company will initially make investment of around $7 billion in this project in two phases. He said the Reko Diq has the potential to produce 400,000 tons of copper ore annually on completion of its second phase.

Mark Bristow said with its unique combination of large scale, low strip and good grade, the Reko Diq would be a multi-generational mine, with a life of at least forty years. He said his company is currently engaged with the government of Pakistan to finalize an agreement for the project.

The company has sought legal cover from parliament and review from the Supreme Court of Pakistan and after the settlement of pending legal issues, the framework agreement will be finalized.

Reko Diq is one of the world’s largest undeveloped copper-gold deposits. The project was reconstituted after an agreement in principle was reached between the government of Pakistan, the provincial government of Balochistan and Barrick earlier this year

The project will be operated by Barrick and owned 50% by Barrick, 25% by the Balochistan Provincial Government and 25% by Pakistani state-owned enterprises. The construction of the first phase will follow that with first production of copper and gold expected in 2027/2028.

Reko Diq is envisaged as a conventional open pit and milling operation, producing a high-quality copper-gold concentrate. It will be constructed in two phases, starting with a plant that will be able to process approximately 40 million tonnes of ore per annum which could be doubled in five years.

During peak construction, the project is expected to employ 7,500 people and once in production it will create 4,000 long-term jobs.

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