Balochistan Chief Minister Mir Abdul Quddus Bizenjo and Barrick Gold CEO Mark Bristow announced that the developmental work on the Reko Diq gold and copper mining project will begin on August 14, the 75th anniversary of the country.
The announcement was given at a joint press conference at the Chief Minister Secretariat, where they said that the Reko Diq project would be a 'gift' for the province.
The project is a partnership between the Barrick Gold company, the provincial government as well as Pakistan’s state-owned enterprises, and it involved an initial investment of $7 billion.
The announcement came a day after the Canadian gold company said in a statement that the Pakistani parliament and the Supreme Court were expected to sanction its $6 billion out-of-court settlement on international arbitration in order to pave the way for a $7 billion investment in Reko Diq.
The project will be developed in two phases. The first phase will involve setting up a plant that will be able to process around 40 million tonnes of ore per year. It could be doubled in five years following the first production from phase one.
According to Bristow, the project would result in the employment of 7,500 people during the peak construction stage and would create around 4,000 long-term jobs after production.
The benefits of Balochistan's 25% ownership of the project, such as dividends and royalties will go fully to the province, without it having to contribute financially to construction and operation of the mine, as the shareholding will be fully funded by its partners and the federal government.
The announcement was given at a joint press conference at the Chief Minister Secretariat, where they said that the Reko Diq project would be a 'gift' for the province.
The project is a partnership between the Barrick Gold company, the provincial government as well as Pakistan’s state-owned enterprises, and it involved an initial investment of $7 billion.
The announcement came a day after the Canadian gold company said in a statement that the Pakistani parliament and the Supreme Court were expected to sanction its $6 billion out-of-court settlement on international arbitration in order to pave the way for a $7 billion investment in Reko Diq.
The project will be developed in two phases. The first phase will involve setting up a plant that will be able to process around 40 million tonnes of ore per year. It could be doubled in five years following the first production from phase one.
According to Bristow, the project would result in the employment of 7,500 people during the peak construction stage and would create around 4,000 long-term jobs after production.
The benefits of Balochistan's 25% ownership of the project, such as dividends and royalties will go fully to the province, without it having to contribute financially to construction and operation of the mine, as the shareholding will be fully funded by its partners and the federal government.