First production from Reko Diq mine expected in 2028

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Bristow, Bizenjo sign agreement; initial payment of $3m to be received this month

Barrick Gold Corporation Chief Executive Mark Bristow said that the company had set 2028 as the target for starting the first production from the giant copper-gold mine Reko Diq in Balochistan.

It was also planning to complete the Reko Diq feasibility study update by the end of 2024, said Mark Bristow in a statement issued on Monday.

The chief executive’s statement came in the backdrop of the completion of the legal processes and definitive transaction agreements last month.

According to the press release, Reko Diq will be operated by Barrick, which owns 50% of the project, with Balochistan holding 25% and three Pakistani state-owned enterprises sharing the remaining 25%. The shareholding structure is in line with Barrick’s policy of benefit-sharing partnerships with its host countries.