Barrick Gold's ambitious $10bn investment set to revolutionize Reko Diq region

January 17, 2024 (MLN): With an estimated investment of $10 billion over the next 8–9 years, the Reko Diq project is poised to transform the regional economy, Barrick Gold Corporation’s President and Chief Executive, Mark Bristow stated during a television interview on Tuesday.

The main aim of the president was to shed light on the monumental Reko Diq gold and copper project in Nokundi, Balochistan.

He underscored the company’s commitment to sustainable development, job creation, and community empowerment.

Bristow emphasized Barrick Gold’s commitment to local communities, highlighting the creation of 200 jobs already and plans to employ 1,000 by the end of the year, eventually reaching 10,000 during the peak of mining, as APP reported.

The company aims to have 5,500 long-term employees when the mine is fully operational, he added.

He stressed the importance of investing in people and announced initiatives such as partnerships with universities, skills development with NGOs, and the establishment of primary and high schools.

To ensure the sustainability of the project, Barrick Gold has undertaken non-negotiable commitments to the host country, he said.

“This includes providing portable water for the entire region, with plans for additional water plants and water supply schemes,” he added.

He further highlighted that the company is also investing in education, from primary to university levels, and building vocational skills through partnerships with NGOs.

Explaining economic impacts, he said, “I believe that when we, as international miners, come to a country like yours, we are actually mining a national asset, so we aim that the people and community should benefit from it. So, it’s a real partnership; it is not us coming to mine and taking it all away.”

Bristow acknowledged the impatience of local communities eagerly awaiting the project’s initiation. He stressed the importance of ongoing engagement with local communities and their role in guiding investors.

The commitment was to continue investing in communities and preparing them to directly participate in and benefit from the project, he determined.

Answering a query about environmental impact, Bristow assured adherence to local laws and emphasized Barrick Gold’s commitment to global best practices.

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