Picture: Global Village Space

After getting an approval from the Pakistan’s parliament and high courts, Canadian mining company named Barrick Gold Corporation (BGC) announced on Friday that they have finished reconstituting the copper-gold mines – one of the largest in the world.

In an attempt to restart the Reko Diq mining project, Pakistan agreed to resolve $11 billion dispute. The agreement was signed on Thursday in London with Barrick and Antofagasta PLC.

The Share Distribution

According to the agreement, Barrick owns 50% of the Reko Diq, 25% is owned by the Oil and Gas Development Company Limited (OGCDL), Government Holdings Private Limited (GHPL) and Pakistan Petroleum Limited (PPL), while 15% is owned by Baluchistan and another 10% by the province on free-carried basis.

President and Chief Executive Barrick Mr. Mark Bristow said in a statement that completing the legal requirements was one of the most important developments in this project to convert Reko Diq into “a world-class long-life mine”. It will certainly expand the company’s copper portfolio and “benefit its Pakistani stakeholders for generations to come.”

Bristow continued that not only will this project strengthen the Pakistani economy, but it will also transform the underdeveloped areas in the Baluchistan province by creating new opportunities for the youth. Overall, 7,500 jobs are expected to be created during the peak construction and 4,000 once the production phase starts.

He said, “We’re making sure that Baluchistan and its people will see these benefits quickly.”

The project is expected to start next year and will have the basic facilities like improved healthcare, vocational training, education portable water, and food.

Bristow further added, “Our investment in these is expected to amount to around $70 million over the feasibility and construction periods.”

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