Barrick Gold announces $150K for flood relief

QUETTA:

Barrick Gold Corporation – the firm responsible for running Reko Diq gold and copper mines – is contributing $150,000 to Balochistan Provincial Disaster Management Authority (PDMA) to support its relief efforts in the wake of unprecedented floods in the region.

Remote communities in the province were hit hardest by the heavy monsoon rains which had left more than 500 people dead in Pakistan.

In a phone call today with Balochistan Chief Minister Abdul Quddus Bizenjo, Barrick Gold President and Chief Executive Mark Bristow expressed condolences over the loss of life and suffering inflicted on the people.

He said the contribution to the emergency fund was a demonstration of the spirit of partnership in which Barrick, Balochistan and Pakistan had embarked on the reconstitution and restart of the Reko Diq project, which holds one of the world’s largest undeveloped copper-gold deposits.

Balochistan will have a 25 per cent fully funded share in the project (10 per cent free carried and 15 per cent to be funded by the federal government). Pakistani state-owned enterprises will hold another 25 per cent and Barrick, with 50 per cent, will operate the mine.

“Balochistan will benefit enormously from its stake in the mine. In addition, Reko Diq will advance royalties of up to $5 million in the first year, up to $7.5 million in the second and up to $10 million thereafter until construction starts,” Bristow said.

Published in The Express Tribune, August 13^th, 2022.