Barrick makes initial payment of $3 million to Balochistan
PRESS RELEASE
NYSE : GOLD TSX : ABX
All amounts expressed in US Dollars
Barrick makes initial payment of $3 million to Balochistan
Quetta, January 31, 2023 – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) has paid the first
US$3 million (approximately 750 million Pakistani rupees) to the Balochistan provincial government
as part of the new Reko Diq partnership. After the signing of definitive agreements and completion
of legal process last month, Barrick and the Government of Balochistan recently agreed upon the
timetable for the disbursement of committed funds to the province.
Reko Diq Pakistan Country Manager Ali E. Rind handed over the cheque for $3 million to Secretary,
Mines and Minerals Development Department, Mr. Saidal Khan Luni.
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 company plans to finish the Reko Diq feas ibility study update by the end of 2024, with 2028
targeted for first production.
Subject to the updated feasibility study, Reko Diq is envisaged as a conventional open pit and
milling operation, producing a high- quality copper-gold concentrate. It will be constructed in two
phases, starting with a plant that will be able to process approximately 40 million tonnes of ore per
annum which could be doubled in five years following first production from phase one. With its
unique combination of large scale, low strip and good grade, Reko Diq will be a multi-generational
mine with a life of at least 40 years.
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Enquiries:
Kathy du Plessis
Investor and Media Relations
+44 20 7557 7738
Email: [email protected]
Website: www.barrick.com
BARRICK GOLD CORPORATION PRESS RELEASE
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