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Final agreement to ensure economic and social benefits was signed last month
Barrick Gold Corporation on Tuesday made the first payment of $3 million to the Balochistan government under the Reko Diq project.
According to a press release issued by the corporation, the first payment has been made under the new partnership framework for the project.
Barrick Gold Corporation and the Balochistan government recently mutually agreed on a timetable for the disbursement of funds, allocated to the province; after final agreements were signed.
The agreement was signed last month after all the necessary legal requirements were met, following which the Reko Diq country manager Ali presented a cheque of Rs3 million to the Balochistan Secretary of Minerals Saidal Khan Loni.
The new Reko Diq agreement ensures the provision of economic and social benefits to the people of Balochistan, even before the start of production from the mine in the form of advance royalty and social welfare funds.
Under the project, around 7,500 people are expected to get employed at the peak of its construction with around 4,000 long-term jobs at the start of the production phase.
According to the authorities, the target of completing the feasibility report update of Reko Diq has been set in 2024, while regular mining is expected to start by 2028.
Construction of the mine will be in phases and a plant will be constructed in the first phase, which will be able to process 40 million tons of ore per annum and this amount is expected to double in the next five years.
Barrick Gold Corporation on Tuesday made the first payment of $3 million to the Balochistan government under the Reko Diq project.
According to a press release issued by the corporation, the first payment has been made under the new partnership framework for the project.
Barrick Gold Corporation and the Balochistan government recently mutually agreed on a timetable for the disbursement of funds, allocated to the province; after final agreements were signed.
The agreement was signed last month after all the necessary legal requirements were met, following which the Reko Diq country manager Ali presented a cheque of Rs3 million to the Balochistan Secretary of Minerals Saidal Khan Loni.
The new Reko Diq agreement ensures the provision of economic and social benefits to the people of Balochistan, even before the start of production from the mine in the form of advance royalty and social welfare funds.
Under the project, around 7,500 people are expected to get employed at the peak of its construction with around 4,000 long-term jobs at the start of the production phase.
According to the authorities, the target of completing the feasibility report update of Reko Diq has been set in 2024, while regular mining is expected to start by 2028.
Construction of the mine will be in phases and a plant will be constructed in the first phase, which will be able to process 40 million tons of ore per annum and this amount is expected to double in the next five years.
Reko Diq project: Barrick Gold Corporation disburses first payment of $3m to Balochistan
Final agreement to ensure economic and social benefits was signed last month
www.samaaenglish.tv
