Quetta: The Balochistan government has received USD 3 million as the first payment from Barrick Gold Corporation for Reko Diq mining project, according to news published in the national dailies on January 31.
According to the statement released, Reko Diq-Pakistan’s Country Manager Ali e Rind has provided a cheque of USD 3 million to Balochistan Secretary Mines and Minerals Development Department Saidal Khan Luni. The provincial government and Barrick Gold have decided on a schedule for the disbursement of the committed funds. The new Reko Diq agreement ensures that the benefits from the project start to increase even before the mine goes into production via advanced royalties and social development funds.
The news source mentioned that the project, during the peak of its construction, will provide employment for approximately 7,500 people and is expected to generate 4,000 long-term jobs after production. The company plans to complete the Reko Diq feasibility study update by the end of next year and the target for the first production is 2028.
As per the details, the Reko Diq is a conventional open pit and milling operation, which will produce a high-quality copper-gold concentrate. The said project will be constructed in two phases, starting with a plant that will process 40 million tonnes of ore per annum, which is expected to be doubled in the next five years. It was disclosed that this multi-generational mine will have a life of 40 years at least.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
