Baluchistan government and Barrick agreed on a timetable for disbursement of committed funds
As part of the new Roko Did agreement, the Baluchistan government has received the first $3 million payment from theĀ Barrick Gold Corporation, the company said Tuesday.
In the wake of the legal process’s completion, the company’s statement said, the Baluchistan government and Barrick agreed on a timetable for the disbursement of the committed funds to the province.
āThe shareholding structure is in line with Barrickās policy of benefit-sharing partnerships with its host countries,ā said the statement.
Barrick hands over $3m chequeen
anada-based Barrick Gold has paid its first $3-million to the Balochistan provincial government as part of a new partnership to develop the Reko Diq mine, in Pakistan.
After the signing of definitive agreements and completion of legal processes last month, Barrick and the government of Baluchistan recently agreed on a timetable for the disbursement of committed funds to the province.
The new Reko Diq agreement ensures that benefits from the project start accruing to the people of Balochistan well before the mine goes into production through advance royalties and social development funds.
The company plans to finish the Roko Did feasibility study update by the end of 2024, with 2028 targeted for first production.
Barrick will prioritise local employment and suppliers will have a positive impact on the local economy. The miner is also working to set up community development committees to identify priority projects focused on food security, environmental management and access to education, healthcare and potable water.
In addition to local employment and skills development, local procurement, infrastructure upgrades and improved medical and education systems, Reko Diq could also be the springboard for further exploration and other mineral discoveries along the highly prospective Tethyan Metallogenic Belt,ā Barrickās CEO, Mark Bristow, said.
The deal will also bring $10 billion in investment in Pakistan, Reuters reported, citing the finance minister, Shaukat Tarin.
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