TORONTO — Barrick Gold Corp. has signed an agreement in principle to restart work on its Reko Diq project in Pakistan's Balochistan province.
The project was suspended in 2011 due to a dispute over the legality of its licensing process.
The Toronto-based gold miner says the reconstituted project will be held 50 per cent by Barrick and 50 per cent by stakeholders in Pakistan, including a 10 per cent free-carried, non-contributing share held by the government in Balochistan, a 15 per cent stake held by a special purpose company owned by the government in Balochistan and a 25 interest owned by other federal state-owned enterprises.
The company says a separate agreement allows the replacement of Antofagasta PLC, Barrick’s partner in the project, by the Pakistani parties.
Barrick will be the operator of the project, which will be granted a mining lease, exploration licence, surface rights and a mineral agreement.
Barrick chief executive Mark Bristow calls the agreement an important step toward the development and operation of Reko Diq.
This report by The Canadian Press was first published March 21, 2022.
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