Barrick Gold Pins Hope on Giant Copper Project in Pakistan

SEATTLE (Scrap Monster): Barrick Gold Corporation announced revised plans to develop the giant Reko Diq copper-gold deposit in Pakistan close to the borders of Iran and Afghanistan. The project will be owned 50% by Barrick, 25% by state-owned enterprises and remaining 25% by the provincial government.

According to Mark Bristow, Chief Executive, Barrick Gold, the groundbreaking partnership agreement between the company, the federal government of Pakistan and the provincial government of Balochistan will unlock the enormous value of the world’s largest undeveloped copper and gold deposits.

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The company sees the project as a unique mining opportunity that could prove as a major addition to the company’s Tier One asset base. Moreover, the project is expected to bring in significant economic and social benefits to Pakistan and the province of Balochistan, said the company press release.

The development of the giant copper mine project will make Balochistan the largest recipient of foreign investment in Pakistan. At the peak of construction period, the project will employ nearly 7,500 people. Once operational, the project will support nearly 4,000 long-term jobs.

Barrick Gold plans to implement a range of social development programs before commencement of construction activities.