Islamabad: Barrick Gold Corporation President Mark Bristow revealed on Monday (July 18) that the first phase of the multibillion-dollar Reko Diq copper-gold exploration project will be completed by 2027-28, news sources reported. The USD 4 billion worth first phase of the project will be completed by the company through co-financing from world institutions.
After meeting with Finance Minister Miftah Ismail, a statement released by the firm stated that the initial framework agreement is being finalised by teams from Barrick and Pakistan. Following the fulfilment of the agreement, the firm will prepare a feasibility study to determine the project’s scope. After the survey, the company will begin formal construction. Commenting on the cost of the first phase, the company said that of the total of USD 4 billion, USD 2 billion would be financed by the International Finance Corporation (IFC), co-investors and export and import agencies around the world. It should be noted that Pakistan and Barrick Gold Corporation struck a USD 11 billion agreement in 2021. The corporation foregoes a USD 6 billion settlement to invest more in the project.
According to the deal, the corporation would receive 50% of the earnings, while the Balochistan and federal governments would each receive 25%. As part of the deal, the corporation will also contribute to constructing local infrastructures such as hospitals, schools, housing, and other municipal amenities in the province.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
