Name of the Project
Reko Diq copper/gold project.

Location
Balochistan, Pakistan.

Project Owner/s
Barrick Gold (50%), the Pakistan government (25%) and the provincial government of Balochistan (25%).

Project Description
Reko Diq is one of the world’s biggest undeveloped copper/gold deposits. It will be a multigenerational mine with a life of at least 40 years. The contemplated mine plan is based on four porphyry deposits within Barrick’s land package.

The project is envisaged to be developed in two stages, starting with an initial crush, milling and flotation circuit with a throughput capacity of about 40-million tonnes a year.

Phase 2, which will be built parallel to Phase 1, will add a further 40-million tonnes a year in throughput. There is an opportunity for a Phase 3 expansion.

Potential Job Creation
During peak construction periods, the project will employ 7 500 people and, once in production, will create about 4 000 long-term jobs.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Phase 1 is expected to cost $4-billion and Phase 2 $3-billion.

Planned Start/End Date
First production of copper and gold is expected in 2027 or 2028.

Latest Developments
Definitive agreements to restart the Reko Diq copper/gold project are being finalised, which will pave the way for the feasibility study to be updated, Barrick Gold has reported.

In a statement following a meeting between Barrick CEO Mark Bristow and Pakistan Finance Minister Miftah Ismail on July 18, the gold major reaffirmed its commitment to develop Riko Diq as a world-class mine that will create value for the county and its people.

Barrick and the federal and Balochistan governments reached an agreement earlier this year that provides for the reconstitution and restart of the project, which has been on hold since 2011.

“During the negotiations, the federal government and Barrick confirmed that Balochistan and its people should receive their fair share of the benefits as part of the Pakistan ownership group,” Bristow has said.

The development of Reko Diq represents the biggest direct foreign investment in Balochistan and one of the biggest in Pakistan.

The feasibility study update will take two years.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Barrick Gold investor and media relations Kathy du Plessis, tel +44 20 7557 7738 or emailbarrick@dpapr.com.