Barrick to Invest $70 Million in Social Sector to Uplift Balochistan

Barrick Gold Corporation will invest over $70 million in the social infrastructure of Balochistan. The Reko-Diq copper-gold project will create 7,500 jobs initially. The project is a partnership between Barrick, the Government of Pakistan and state-owned enterprises.

Balochistan’s shareholding in Reko Diq will be fully funded by its partners and the federal government. The province will reap the dividends, royalties, and other benefits of its 25 percent ownership without having to contribute financially to the construction and operation of the mine.

Reko Diq’s social contributions are estimated to amount to around $70 million over the construction period, subject to a cumulative $50 million of advance payments. The company will advance royalties of up to $5 million to the Government of Balochistan in the first year following closing.

Barrick’s Reko Diq project will be a multi-generational mine with a life of at least 40 years. During peak construction, the project is expected to employ 7,500 people. Once in production, it will create 4,000 long-term jobs.