Name of the Project
Reko Diq copper/gold project.

Location
Balochistan, Pakistan.

Project Owner/s
Barrick Gold owns 50% of Reko Diq and is developing and will operate the mine. The Balochistan province, which hosts the deposit, has a 25% share and the federal government holds the other 25% through State-owned entities.

Project Description
Reko Diq is one of the world’s biggest undeveloped copper/gold deposits. It will be a multigenerational mine with a life of at least 40 years. The contemplated mine plan is based on four porphyry deposits within Barrick’s land package.

The project is envisaged to be developed in two stages, starting with an initial crush, milling and flotation circuit with a throughput capacity of about 40-million tonnes a year.

Phase 2, which will be built parallel to Phase 1, will add a further 40-million tonnes a year in throughput. There is an opportunity for a Phase 3 expansion.

Potential Job Creation
During peak construction periods, the project will employ 7 500 people and, once in production, will create about 4 000 long-term jobs.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Phase 1 is expected to cost $4-billion and Phase 2 $3-billion.

Planned Start/End Date
First production of copper and gold is expected in 2028.

Latest Developments
The Reko Diq feasibility study remains on track for completion by the end of this year. 

The construction of key enabling infrastructure is under way, with long-lead items being ordered so that work on the processing facility construction can start immediately once the final investment approval is given. 

The workforce on site is growing, and in line with Barrick’s global policy of local recruitment, 77% of direct employees are from Balochistan and 94% are Pakistani nationals. 

To build capacity as the project grows, Barrick aims to be employing an estimated 2 500 people by the end of next year.

A skills-based technical training centre has been established for young people from the area, with the first group of 60 men and 80 women having been enrolled as trainees. 

At Barrick’s Veladero mine, in Argentina, nine young Pakistani graduates are being trained for leadership roles at Reko Diq. 

Central to the success of the project is the establishment and maintenance of a strong social licence to operate, and Reko Diq is delivering significant social advancement programmes shaped by the community development committees it has established. These include the establishment of two local healthcare centres, in partnership with a leading healthcare network, which provide free medical services for the community. All four local villages now have access to potable water while five primary schools have been opened.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Barrick Gold investor and media relations Kathy du Plessis, tel +44 20 7557 7738 or emailbarrick@dpapr.com.