Canada’s Barrick Gold has agreed to restart the Reko Diq gold and copper mining project in Pakistan, following ten years of legal battles and negotiations. An agreement has now been signed by the Canadian mining firm with the governments of Pakistan and Balochistan province on a framework, which enables recommencement of the project.
Claimed to host one of the largest undeveloped open-pit copper-gold porphyry deposits in the world, the Reko Diq mine was suspended in 2011 following the rejection of a development licence by the Pakistani Government to project partners Barrick and Antofagasta.
Barrick will own a 50% stake in the reconstituted gold and copper project while the remaining 50% stake will be held by Pakistan stakeholders.
Of the interest to be held by Pakistani stakeholders, 10% will be a free-carried, non-contributing share held by the Balochistan government, 15% will be held by a special purpose company owned by the Balochistan government and 25% by other federal state-owned enterprises.
For the rest of this article: https://www.mining-technology.com/news/barrick-restart-gold-pakistan/