Barrick hands over $3m cheque to Balochistan
Canada-based Barrick Gold has paid its first $3-million to the Balochistan provincial government as part of a new partnership to develop the Reko Diq mine, in Pakistan.
After the signing of definitive agreements and completion of legal processes last month, Barrick and the government of Balochistan recently agreed on a timetable for the disbursement of committed funds to the province.
The new Reko Diq agreement ensures that benefits from the project start accruing to the people of Balochistan well before the mine goes into production through advance royalties and social development funds.
The company plans to finish the Reko Diq feasibility study update by the end of 2024, with 2028 targeted for first production.
Subject to the updated feasibility study, Reko Diq is envisaged as a conventional openpit 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 a year of ore, which could be doubled in five years following first production from Phase 1.
With its unique combination of large scale, low strip and good grade, Reko Diq will be a multi-generational mine with a life of at least 40 years.
During peak construction the project is expected to employ about 7 500 people and once in production it will create about 4 000 long-term jobs.
Barrick will prioritise local employment and suppliers will have a positive impact on the local economy. The miner is also working to set up community development committees to identify priority projects focused on food security, environmental management and access to education, healthcare and potable water.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation