QUETTA – The provincial government in southwestern Balochistan announced that the work on the lucrative open-pit mine project Reko Diq will be started on August 14 next month.
Balochistan Chief Minister Mir Abdul Qudoos Bizenjo addressing a presser in the provincial capital, Quetta along with Barrick Gold Corporation CEO Mark Bristow announced the development.
The Balochistan Awami Party leader said that the launch of the mega project will help elevate the economic and social conditions of residents of mineral-rich region.
CM Bizenjo maintained that the project would bring an annual income of $1 billion to the province. He also hailed the federal government for all-out support and for not causing any hindrances.
Revealing the working opportunities, Bizenjo claimed that the engagement of the biggest mining company in the world would ensure employment opportunities for Balochs.
Pakistan’s Finance chief Miftah Ismail said the development of Reko Diq represented the largest direct foreign investment in the southwestern region.
The chief executive of Canada-based mining group, Mark Bristow, said the company holds 50 percent of the share while the remaining half will be split equally between the federal and provincial governments.
Bristow added that Barrick would bring capital and technology to convert Reko Diq into a world-class mine and transform the region, adding that the project will bring in a $10 billion investment in Pakistan.
Earlier this year, the South Asian country reached an out-of-court deal with a foreign firm that agreed to waive $11 billion in penalties and revive a mining project stalled for more than a decade.
Pakistan, Barrick Gold agree to revive Balochistan’s Reko Diq Project
It came to a standstill after the local government refused to renew Tethyan Copper’s lease, in the country’s top court declared it invalid in 2013. In 2019, Pakistan got a penalty for unlawful denial of mining.
Pakistani companies come forward to develop Reko Diq gold, copper mines
