Reko Diq Pakistan Country Manager, Ali E. Rind, presented the check for $3 million to the Secretary of the Department of Mines and Minerals Development, Mr. Saidal Khan Luni.
The new Reko Diq agreement ensures that the benefits of the project begin to reach the people of Balochistan long before the mine comes into production through advance royalties and social development funds.
During peak construction, the project is expected to employ approximately 7,500 people and, once in production, will create around 4,000 jobs in the long term. Barrick’s policy of prioritizing employment and local suppliers will have a positive impact on the local economy. Barrick is working to establish community development committees to identify priority projects focused on food security, environmental stewardship, and access to education, health, and potable water.
The company plans to finish the Reko Diq feasibility study update by the end of 2024, with 2028 as the target for first production.
Subject to the updated feasibility study, Reko Diq is viewed as a conventional open pit and milling operation, producing a high quality copper-gold concentrate. It will be built in two phases, beginning with a plant that will be able to process approximately 40 million tons of ore per year, which could double in five years after the first production of phase one. With its unique combination of large scale, low strip and good grade, Reko Diq will be a multi-generational mine with a mine life of at least 40 years.
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Cautionary Statement Regarding Forward-Looking Information
Certain information contained in or incorporated by reference in this press release, including any information about our strategy, projects, plans, or future financial or operating performance, constitute “forward-looking statements.” All statements, except statements of historical fact, are forward-looking statements. The words “target,” “plans,” “will,” “expect,” “ensure,” “provide,” “is working,” “future,” “commitment,” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, but not limited to, with respect to: the planned update of the Reko Diq landmark feasibility study; the future construction, development and operation of the Reko Diq project, including the anticipated schedule for construction and first production; the contemplated mine life of the Reko Diq project; the anticipated sharing of the benefits of the Reko Diq project with host governments and Barrick communities, including public health and social development programs, future community development committees, and priority projects focused on food security, environmental stewardship, and access to education, health care and clean water; and expectations regarding financial performance and other prospects or directions.
Forward-looking statements are necessarily based on a number of estimates and assumptions, including material estimates and assumptions related to the factors set forth below, which, while Barrick believes to be reasonable as of the date of this news release in light of Barrick’s experience management and perception of current conditions and expected developments are inherently subject to significant commercial, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in forward-looking statements and such statements and information should not be relied upon. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or other commodities (such as diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation and exploration successes; risks associated with projects in the early stages of evaluation and development and for which additional technical, engineering and other analyzes are required; disruption of supply routes that can cause delays in development, construction and mining activities; decreasing amounts or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operational or technical difficulties in connection with mining or development activities, including geotechnical challenges and disruptions in the maintenance or supply of necessary infrastructure and information technology systems; non-compliance with environmental and health and safety laws and regulations; failure to obtain key licenses by government authorities; changes in national and local government legislation, taxes, controls or regulations and/or changes in administration laws, policies and practices; expropriation or nationalization of property and political or economic developments in the Islamic Republic of Pakistan or the Province of Balochistan; the time of receipt of or failure to comply with necessary permits and approvals; uncertainty regarding foreign legal systems, corruption, and other factors that are incompatible with the rule of law; risks associated with illegal and artisanal mining; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; damage to Barrick’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity regarding Barrick’s handling of environmental matters or dealings with community groups, whether true or not; the possibility that future exploration results may not be consistent with Barrick’s expectations; risks that exploration data is incomplete and considerable additional work is required to complete further assessment, including, but not limited to, drilling, engineering and socio-economic studies and investments; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; litigation; disputes over title to property, particularly undeveloped title to property, or over access to water, power, and other required infrastructure; business opportunities that may be presented to Barrick or that Barrick may pursue; risks associated with working with partners on jointly controlled assets; employee relations, including the loss of key employees; increased physical costs and risks, including extreme weather events and resource scarcity related to climate change; and the availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development, and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, floods, and bullion of gold, copper cathode, or gold or copper concentrate. . losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies may affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statement made by or on our behalf. Readers are cautioned that forward-looking statements are not guarantees of future performance. All forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulators for a more detailed discussion of some of the factors underlying forward-looking statements and the risks involved. may affect Barrick’s ability. to achieve the expectations set forth in the forward-looking statements contained in this press release.
We disclaim any intent or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by applicable law.
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