(Kitco News) - Barrick said today that its president and chief executive Mark Bristow has advised the Pakistan federal and Balochistan provincial government that the company targets 2028 for first production from the giant copper-gold mine in the country’s Balochistan province.
The company plans to finish the Reko Diq feasibility study update by the end of 2024.
According to a company press release, Reko Diq will be operated by Barrick, which owns 50% of the project, with Balochistan holding 25% and three Pakistani state-owned enterprises sharing the remaining 25%.
Barrick added that the shareholding structure is in line with Barrick’s policy of benefit-sharing partnerships with its host countries.
During a meeting with Minister of State (Petroleum Division) Musadik Masood Malik, Bristow reaffirmed Barrick’s goal to be a partner to Pakistan for decades to come and to contribute meaningfully to the development of the country’s highly prospective mining sector.
Barrick noted that Reko Diq is a large-scale, low-strip and high-quality project, which is expected to have a life of at least 40 years. Barrick envisages a truck-and-shovel open pit operation with processing facilities producing a high-quality copper-gold concentrate.
The company expects it to be constructed in two phases with a combined process capacity of 80 million tonnes per annum. During peak construction the project is expected to employ 7,500 people and once in production it will create around 4,000 long-term jobs.
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