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One of the largest undeveloped copper and gold projects in the world, Reko Dik is 50% owned by Barik, 25% owned by three federal state enterprises, 15% by Balochistan Province on a fully funded basis and 10% owned by Balochistan Province on a free transfer basis.
Barrick President and CEO Mark Bristow said the completion of legal processes is a key step in progressing the development of Reko Dik into a world-class, long-life mine that would significantly expand the company’s strategically important copper portfolio and benefit Pakistani stakeholders for generations to come.
“We are currently updating the project’s feasibility studies for 2010 and feasibility studies for 2011. This should be completed by 2024, with a target of 2028 for first production,” Bristow said.
“With its unique combination of high volume, low strip and good quality, Reko Dick is expected to have a life of at least 40 years.” We envision an open pit with trucks and shovels with processing plants producing high quality copper. gold concentrate. We expect it to be built in two phases with a combined process capacity of 80 million tons per year.”
Dik River will be a major contribution to the Pakistani economy that is expected to have a transformative impact on the underdeveloped province of Balochistan, where in addition to the economic benefits it will generate, the mine will also create jobs, promote the growth of the regional economy and invest in development programs. The province’s interest in the mine will be fully funded, meaning Balochistan will reap dividends, royalties and other benefits from its 25% stake without having to contribute financially to its construction and operation.
“Reco Dick’s ownership structure is a further manifestation of Barrick’s commitment to partnering with host countries and communities and equitably sharing the value our operations create with all our stakeholders,” Bristow said.
“We are making sure that Balochistan and its people will see these benefits quickly.” Starting early next year, Barik will implement a series of social development programs that prioritize the improvement of health care, education, vocational training, food safety and drinking water supply. . Our investment in them is expected to be approximately $70 million during the feasibility and construction period. In addition, Reco Dick will advance royalties to the government of Balochistan up to $50 million until commercial production begins.”
During peak construction, the project is expected to employ 7,500 people, and once production begins, will create around 4,000 long-term jobs. As elsewhere in the group, Barrick prioritizes hiring local residents and host country nationals.
Bristow said Barrick already has the best gold assets in the industry and the addition of Reco Dick would promote its copper portfolio into the world-class league, accelerating the company towards its goal of creating the world’s most valued gold and copper mining business.
Questions:
Investor and media relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement Regarding Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information regarding our strategy, projects, plans or future financial or operating performance, constitute “forward-looking statements.” All statements, other than statements of historical fact, are forward-looking statements. The words “bring about”, “proposed”, “expect”, “anticipate”, “will”, “would”, “could”, “should”, “intend”, “future”, “commitment” and similar expressions identify forward- appearance statements. This press release specifically contains forward-looking statements including, without limitation, regarding: the planned update of the historic Reko Dick Feasibility Study; the future construction, development and operation of the Reko Dik project, including the expected benefits of the two-phase approach and construction timeline and the expected initial throughput of the processing facility; future ownership of the Reko Dik project; proposed fiscal conditions applicable to the Reko Dik project and the joint venture through which it is maintained; timeline and process for the reconstruction of the joint venture for the future development and operation of the Reko Dik project; the thought life of my Reko Dick project; anticipated benefit sharing of the Reko Dik project with Barik host governments and communities, including social development and public health programs, as well as potential levels of local employment and local procurement during project construction and operation; and expectations regarding financial performance and other prospects or guidelines.
Forward-looking statements are necessarily based on a number of estimates and assumptions, including material estimates and assumptions related to the factors listed below, which Barrick believes are reasonable as of the date of this press release in light of management’s experience and perception of current conditions and expected developments. , are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and you should not place undue reliance on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as diesel fuel, natural gas and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation and exploration successes; risks associated with projects in the early stages of evaluation and development and requiring additional technical, engineering and other analyses; disruption of supply routes that may cause delays in development, construction and mining activities; reduction in the amount or level of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operational or technical difficulties related to mining or development activities, including geotechnical challenges and disruptions in maintaining or providing necessary infrastructure and information technology systems; non-compliance with laws and regulations on environmental protection and health and safety; failure to obtain key licenses from state authorities; changes in national and local legislation, taxation, controls or regulations and/or changes in the application of laws, policies and practices; expropriation or nationalization of property and political or economic development in the Islamic Republic of Pakistan or the province of Baluchistan; time of receipt or failure to comply with necessary permits and approvals; lack of certainty regarding foreign legal systems, corruption and other factors that are inconsistent with the rule of law; risks associated with illegal and artisanal mining; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; damage to Barrick’s reputation due to the actual or perceived occurrence of any number of events, including adverse publicity regarding Barrick’s handling of environmental issues or relations with community groups, whether true or not; the possibility that future research results will not be in accordance with Barick’s expectations; risks that exploration data may be incomplete and that substantial additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investments; risk of loss due to acts of war, terrorism, sabotage and civil unrest; litigation; disputes over ownership of property, especially ownership of undeveloped properties, or over access to water, electricity and other necessary infrastructure; business opportunities that Barrick may present or take advantage of; risks associated with working with partners in jointly controlled assets; employee relations including the loss of key employees; increased costs and physical risks, including extreme weather and resource scarcity, related to climate change; and the availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with mineral exploration, development and mining operations, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, collapses, floods and gold bullion, copper cathode or gold or copper concentrate losses ( and the risk of inadequate insurance, or the inability to obtain insurance to cover these risks).
Many of these uncertainties and contingencies may affect our actual results and may cause actual results to differ materially from those expressed or implied by any forward-looking statements made by or on our behalf. Readers are cautioned that forward-looking statements are not guarantees of future performance. All forward-looking statements made in this press release are qualified by these cautionary statements. Reference is specifically made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulators for a more detailed discussion of certain factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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