Barrick Supports Flood Relief in Balochistan
13 August 2022 - 1:22AM
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) is contributing
$150,000 to Balochistan’s 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
hardest hit by the heavy monsoon rains which killed more than 500
people in Pakistan.
In a phone call today with the province’s chief
minister, Abdul Quddus Bizenjo, Barrick president and chief
executive Mark Bristow expressed the company’s condolences on the
loss of life and suffering inflicted on the people of
Balochistan.
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% fully funded share in the project (10% free carried and 15% to
be funded by the federal government). Pakistani state-owned
enterprises will hold another 25% and Barrick, with 50%, will
operate the mine.
“Balochistan will benefit enormously from its
stake in the mine. Even before construction starts, once the
legalisation process has been completed and the project
reconstituted, we will start implementing social development
programs representing an estimated investment of $70 million over
the construction period. 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.
During peak construction the project is expected
to employ approximately 7,500 people and once in production it will
create 4,000 full-time jobs. Its policy of local procurement will
stimulate the development of a robust local economy.
“Reko Diq has an estimated life of at least 40
years, so it will be generating substantial benefits for its
Balochistan stakeholders for generations to come,” Bristow
said.
Enquiries:
Kathy du PlessisInvestor and Media Relations+44
20 7557 7738Email: barrick@dpapr.comWebsite:
www.barrick.com
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Information Certain information contained or incorporated
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our strategy, projects, plans or future financial or operating
performance, constitutes “forward-looking statements”. All
statements, other than statements of historical fact, are
forward-looking statements. The words “embark”, “spirit”,
“implement”, “reconstitute”, “estimate”, “approximately”, “future”,
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forward-looking statements including, without limitation, with
respect to: Barrick’s planned contribution to the Provincial
Disaster Management Authority in Balochistan; Reko Diq’s status as
one of the world’s largest undeveloped copper-gold deposits and the
potential benefits for Balochistan from its development; the future
ownership of the Reko Diq project, including the 25% fully funded
share to be held by Balochistan; the proposed fiscal terms
applicable to the Reko Diq project and the joint venture through
which it will be held; the timeline and process for the
reconstitution of a joint venture to carry out the future
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life of mine of the Reko Diq project; the anticipated sharing of
the benefits from the Reko Diq project with Barrick’s host
governments and communities including investments in social
development programs and the payment of advance royalties as well
as potential levels of local employment during project construction
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