Barrick sponsors landmark Pakistan Minerals Summit, hosted by the Government of Pakistan
The ‘Pakistan Minerals Summit – Dust to Development – Investment Opportunities in Pakistan’, will be hosted by the Government of Pakistan on the 1st of August 2023. This one-day summit, to be held at a local hotel in Islamabad, is being sponsored by Barrick Gold Corporation with a clear focus on demonstrating the country’s commitment to developing its mining industry.
This initiative comes under the Special Investment Facilitation Council (SIFC), which involves key figures from the government and establishment collaborating to incentivize the flow of investment into Pakistan to build and strengthen certain sectors by attracting Foreign Direct Investment (FDI). Sectors being prioritized by the SIFC include mining.
The Pakistan Minerals Summit is expected to be well attended and will include attendance by the Prime Minister of Pakistan, various cabinet members such as the Minister of State for Petroleum Division, the Chief of the Army Staff of Pakistan and others. Additionally, ministers from the Kingdom of Saudi Arabia, Azerbaijan and other countries have also confirmed attendance. Apart from the representation by the Pakistan and regional governments, significant stakeholders such as policy makers, investment advisors, global mining entities and local business group representatives will gather to share their expertise and insight to drive the mining sector towards accelerated development and expansion.
Barrick undertook to assist the government in this endeavor because they believe that the mining sector of Pakistan, though untapped and undeveloped, has enormous mining potential.
Barrick operates in Pakistan through its subsidiary the Reko Diq Mining Company (RDMC) which will hold a 50% stake in the Reko Diq mine and will be the operator of this significant asset which is of strategic value to the country and the company. The Reko Diq mine will also be owned by state-owned entities representing the federal government of Pakistan as well as the Government of Balochistan in equal shares of 25% each. Reko Diq will be a major mining project for the country and is likely to open the way for other global and regional players to explore and invest in the mining sector of Pakistan.
RDMC plans to initiate commercial operations once the feasibility stage of the project is concluded and we would like to showcase the incentives and commitment of the government to facilitating international players in this sector.
Ali Ehsan Rind, the country manager of RDMC said: “We feel this summit will be beneficial in encouraging global investors and international operators in Pakistan as a mining-investment destination. I am confident that a lot of the other global mining companies will find some assurance and may consider projects in the country with Barrick’s presence in Pakistan for the Reko Diq project having led the way”.
Reko Diq will be a multi-generational copper-gold mine with a life of at least 40 years. During peak construction the project is expected to employ 7,500 people and once in production it will create 4,000 long-term jobs. Barrick’s policy of prioritizing local employment and suppliers will have a positive impact on the local economy. The company plans to finish the Reko Diq feasibility study update by the end of 2024, with 2028 targeted for first production from the giant copper-gold mine in the country’s Balochistan province. The new Reko Diq agreement ensures that the benefits from the project start accruing to the people of Balochistan well before the mine goes into production through advance royalties and social development funds.
