Reko Diq copper/gold project, Pakistan – update
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 mine could be in production by 2028, Barrick Gold CEO Mark Bristow has said.
The updated feasibility study on the mine is making rapid progress, he said in a statement on August 2023, issued following Pakistan’s first Minerals Summit.
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.
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