The phase 1 of Reko Diq copper-gold project due in 2028
The phase 1 of Reko Diq copper-gold project due in 2028. The president of Barrick Gold Corporation, Mark Bristow, said on July 18 that the first phase of the multibillion-dollar Reko Diq copper-gold exploration project will be finished by 2027 or 2028, according to news sources. The company will finish the first part of the project, which will cost $4 billion, with help from institutions around the world.
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After meeting with Finance Minister Miftah Ismail, the company said in a statement that teams from Barrick and Pakistan are working to finish the first framework agreement. After the deal is met, the company will do a feasibility study to figure out how big the project will be. After the survey is done, the company will start building. The company said that the International Finance Corporation (IFC), co-investors, and export and import agencies worldwide would pay for USD 2 billion of the USD 4 billion cost of the first phase. It’s important to remember that in 2021, Pakistan and Barrick Gold Corporation made a deal worth USD 11 billion. The company gives up a $6 billion settlement to put more money into the project.
The deal said that the Baluchistan government and the federal government would each get 25% of the profits and that the corporation would get 50%. As part of the deal, the corporation will also help build local infrastructure in the province, such as hospitals, schools, housing, and other public services.
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