Barrick Targets 2028 for First Production from Reko Diq
ISLAMABAD, Pakistan, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) president and chief executive Mark Bristow says with the updated feasibility study on the giant Reko Diq copper-gold project making rapid progress, the company is aiming to start production in 2028.
Speaking at the inaugural session of Pakistan’s first Minerals Summit, Bristow said the signing of the New Reko Diq agreement last year was a landmark event in the development of a mining industry in Pakistan, a process which will be accelerated by the Minerals Summit.
“I hope the momentum created by this event will be sustained by successive efforts to unlock this sector’s full potential and build its capacity by attracting other foreign investors to follow Barrick, to the lasting benefit of Pakistan and its people,” he said.
“There is a growing demand for metals and minerals, especially copper, and the challenge for mining companies and their host governments is to ensure that these resources are extracted in a responsible and equitable manner. Barrick believes in the principle of mutual advantage and shares the value its operations create with all stakeholders, including its host countries and communities.”
Bristow noted that Reko Diq was the latest manifestation of Barrick’s partnership model, already successfully applied elsewhere in its global portfolio. Barrick owns 50% of Reko Diq and is developing and will operate the mine. The Balochistan province, which hosts the deposit, has a 25% share and the federal government holds the other 25% through state-owned entities.
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