Barrick Eyes 2028 for Initial Reko Diq Production

Barrick Gold Corporation, a prominent Canadian mining firm, has slated 2028 as the target year for the commencement of production at its substantial copper-gold mine in Pakistan’s Balochistan province.

In an official announcement made on Monday, the company revealed its plans to complete the updated feasibility study for the Reko Diq project by the end of 2024, firmly establishing 2028 as the goal for the first output from this immense copper-gold deposit.

Barrick, which holds a 50 percent ownership share in the venture, will be responsible for operating the Reko Diq project. The remaining ownership structure sees Balochistan province holding a 25 percent stake, with three Pakistani state-owned enterprises collectively sharing the final 25 percent.

The company’s statement detailed a three-day project review that commenced in Quetta. During this review, Barrick’s President and Chief Executive, Mark Bristow, accompanied by senior executives, engaged with Balochistan Chief Minister Abdul Quddus Bizenjo and other provincial leaders. The purpose of these meetings was to inform them about the extensive social and economic development prospects that the mine, projected to have a lifespan of at least 40 years, is expected to generate. A broad spectrum of provincial stakeholders and leaders were present at these discussions.

Following their meeting, Mr. Bristow and the Chief Minister formally signed a memorandum of agreement. This agreement outlines the schedule for the disbursement of committed funds to the province, encompassing advance royalties and dedicated social development funds. This measure ensures that the populace of Balochistan will begin to reap benefits from the project well in advance of the mine’s operational start. As part of this agreement, an initial payment of $3 million is earmarked for this month.

Furthermore, Barrick is actively working to establish community development committees. These committees will be tasked with identifying priority projects focused on critical areas such as food security, environmental stewardship, and improving access to education, healthcare, and potable water, as per the company’s statement.

Mr. Bristow also held a meeting with Minister of State (Petroleum Division) Musadik Malik in Islamabad. During their discussion, he reiterated Barrick’s unwavering commitment to being a long-term partner to Pakistan and to making a significant contribution to the development of the nation’s highly promising mining sector.