Pakistan and Barrick Gold Seal Historic Agreement for Reko Diq Project Earnings in PKR

Pakistan and Barrick Gold Seal Historic Agreement for Reko Diq Project Earnings in PKR

Islamabad, August 2, 2023 – In a significant development for the Reko Diq project, Pakistan and the Barrick Gold Corporation have reached an agreement to pay the government’s share in Pakistani rupees (PKR) for the investment in the project.

The decision was made during a meeting between Prime Minister Muhammad Shehbaz Sharif and a delegation from Barrick Gold Corporation at the capital on August 1, 2023.

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The delegation, led by Barrick Gold Corporation’s Chief Executive Officer Mark Bristow, apprised the Prime Minister of the progress on the ongoing development work at Reko Diq. During the meeting, the Prime Minister expressed his satisfaction with the participation of international companies, including Barrick Gold, in the “Pakistan Mineral Summit.” He viewed this participation as a manifestation of restored confidence in Pakistan among international investors.

The success of the Mineral Summit and the renewed confidence of international companies, such as Barrick Gold, in Pakistan, were attributed to the establishment of the Special Investment Facilitation Council. This council has played a crucial role in attracting foreign investors to Pakistan’s mineral-rich ventures.

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The Reko Diq project, according to Prime Minister Shehbaz Sharif, is expected to be a game-changer for the development of Balochistan and the surrounding region. It holds the potential to usher in a new era of prosperity and growth for the province and its people.

During the meeting, the Prime Minister directed all relevant authorities to ensure the efficient implementation of the Reko Diq project. He emphasized the significance of timely execution to maximize the benefits for the local population and the nation at large.

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To ensure the well-being of the local communities, a Community Development Committee has been constituted for Reko Diq. This committee will identify priority initiatives for the development and prosperity of the people of Balochistan. Notably, local elders are actively participating in the committee’s decision-making process, thus ensuring their voices are heard in the development plans.

Furthermore, the project is committed to providing employment opportunities for the talented locals of Balochistan. The investment in Reko Diq will also be directed towards the development of the local area, fostering socio-economic growth in the region.

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The agreement between Pakistan and Barrick Gold Corporation in paying the government’s share in Pakistani rupees reflects a mutual commitment to the successful and sustainable development of the Reko Diq project. The collaboration is expected to strengthen Pakistan’s economy and foster regional prosperity.

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