The operation will be owned 50% by Barrick, 25% by the Province and 25% by Pakistani state-owned enterprises. Once the definitive agreements are finalized, Barrick will update the unpublished 2010 feasibility study.
The structure, the gold miner said, ensures that Balochistan receives a “substantial” share of the benefits generated by the operation.
“Balochistan’s shareholding in Reko Diq will be fully funded by its partners and the federal government, which means that the province will reap the dividends, royalties and other benefits of its 25% ownership without having to contribute financially to the construction and operation of the mine,” chief executive Mark Bristow said in the statement.
Barrick said it will implement a range of social development programs before final deals are finalized and vowed to spend $70 million over the construction period. This includes upfront commitments of up to $3 million in the first…
