Barrick Gold pays $3m to Balochistan govt of Reko Diq project
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Barrick Gold Corporation has made the first payment of $3 million to the Balochistan government of the Reko Diq project, reported 24NewsHD TV channel on Wednesday.
In this connection, Reko Diq Pakistan Country Manager Ali Rind presented the cheque to Secretary Minerals, Balochistan Syedal Loni, according to a statement.
Barrick and the government of Balochistan recently agreed upon the timetable for the disbursement of committed funds to the province.
The new Reko Diq agreement ensures that benefits from the project start accruing to the people of Balochistan well before the mine goes into production through advance royalties and social development funds.
During peak construction, the project is expected to employ approximately 7,500 people and once in production, it will create around 4,000 long-term jobs.
“Barrick’s policy of prioritizing local employment and suppliers will have a positive impact on the local economy. Barrick is working to set up community development committees to identify priority projects focused on food security, environmental management, and access to education, healthcare, and potable water”, the statement noted.
The company plans to finish the Reko Diq feasibility study update by the end of 2024, with 2028 targeted for the first production.