The project, which hosts one of the world’s largest undeveloped copper-gold deposits, has been on hold since 2011 due to a dispute over the legality of its licensing process.
Barrick solved the long-running clash with Pakistan in March this year, reaching a preliminary out-of-court deal that cleared the path for a final agreement on how to run the mine and profit-sharing arrangements.
President and chief executive Mark Bristow said the completion of the legal processes was a key step in progressing Reko Diq into a world-class, long-life mine, which will boost Barrick’s copper portfolio.
The Toronto-based gold giant plans to invest $10 billion in the massive project, located in the southwestern province of Balochistan, bordering Afghanistan and Iran.
“We are currently updating the project’s 2010 feasibility and 2011 feasibility expansion studies. This should be completed by 2024,” Bristow said.
Two-phased plan
Reko…
