Security should be ensured for those working on the Reko Diq gold and copper mine project and the logistics from the site to the Gwadar port, Prime Minister Shehbaz Sharif said on Sunday.
He said this while presiding over a meeting regarding the Reko Diq mining project in Lahore. A delegation of the Barrick Gold Corporation led by its Chief Executive Officer Mark Bristow attended the meeting through video link.
In 2022, Pakistan avoided $11 billion in fines ordered by the international arbitration court against its decision to deny the joint venture of Barrick and Antofagasta the licence to develop Reko Diq. The South Asian country signed a new agreement with Barrick Gold Corporation of Canada for extraction of gold and copper reserves from Reko Diq with an investment of US$10 billion.
In the same year, the Supreme Court declared the new agreement valid in environmental terms. Barrick considers the mine one of the world’s largest underdeveloped copper-gold areas.
Consultations should be held with all stakeholders regarding the project at the official level and all the obstacles should be removed, PM Shehbaz said.
He went on to add that planning should be initiated for improvement in the communication infrastructure especially railway lines for utilising the minerals of Balochistan. According to the PM, the up-gradation of the road network to link the Reko Diq project with Gwadar port by road should be completed “at the earliest.”
“Wherever new roads were being constructed, the pace of construction should be increased,” he remarked and stressed the need for formulating a strategy for the feasibility of a rail and road network from the site to the port.
The railway line project would make access to the port short and easy and as compared to Bin Qasim port the distance would also be less, the premier added.
The new railway line would be beneficial for the mineral-rich district of Chaghi and boost the mining industry, he added.
The premier has sought a detailed briefing next week on the Reko Diq road and rail connectivity project and reiterated that “all hurdles should be removed at the official level” for early completion of the environment and social impact assessment regarding the project.
At the meeting, officials said that the feasibility of the project would be completed by December 2024 and every month 6,000 containers would be transported from the project to the port.
The concentrate pipeline of the project would be the second-longest slurry pipeline in the world.The mining company would construct the link road from the site to the national highway 40.
They added that the 103-kilometer Nokandi to Mashkhel road, which would connect the mining site to the port, was 58 per cent complete.
Minister for Finance and Revenue Muhammad Aurangzeb, Minister for Petroleum Musadiq Malik, Planning Commission Deputy Chairman Muhammad Jehanzeb and high-level officials attended the meeting.
Earlier this year, Saudi Arabian investment fund Manara Minerals confirmed that it was in talks to buy a stake in Pakistan’s Reko Diq gold and copper mine.
“Manara is evaluating a host of opportunities, post closure of the Vale deal, and Reko Diq is one of them,” Manara Acting CEO Robert Wilt told Reuters in an interview on the sidelines of the Future Minerals Forum mining gathering in Riyadh.
Barrick Gold Corporation’s CEO Mark Bristow has said that the Reko Diq project was “revolutionary” and would change the fate of Balochistan by “revolutionising” the local economy.
In an interview with a private news channel, he stated that an estimated $10 billion would be invested during the next eight to nine years that would boost the mining industry and the economy.
He underscored the company’s commitment to sustainable development, job creation and community empowerment.
