{"id":87395,"date":"2022-07-20T15:31:18","date_gmt":"2022-07-20T10:31:18","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=87395"},"modified":"2022-07-20T15:31:24","modified_gmt":"2022-07-20T10:31:24","slug":"phase-reko-diq-project-by-2028","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/phase-reko-diq-project-by-2028.html","title":{"rendered":"First phase of Reko Diq copper-gold project to complete by 2028"},"content":{"rendered":"\n<p>Islamabad: Barrick Gold Corporation President Mark Bristow revealed on Monday (July 18) that the first phase of the multibillion-dollar Reko Diq copper-gold exploration project will be completed by 2027-28, news sources reported. The USD 4 billion worth first phase of the project will be completed by the company through co-financing from world institutions. \u00a0 <\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/ksa-mineral-refinery-reko-diq-project.html\" data-type=\"post\" data-id=\"84934\" target=\"_blank\" rel=\"noreferrer noopener\">Saudi Arabia to set up mineral refinery for Reko Diq project in Gwadar<\/a><\/p>\n\n\n\n<p>After meeting with Finance Minister Miftah Ismail, a statement released by the firm stated that the initial framework agreement is being finalised by teams from <a href=\"https:\/\/www.zameen.com\/news\/pakistan-asks-us-court-to-halt-usd-6bn-reko-diq-case-fine.html\" data-type=\"post\" data-id=\"59662\" target=\"_blank\" rel=\"noreferrer noopener\">Barrick and Pakistan<\/a>. Following the fulfilment of the agreement, the firm will prepare a feasibility study to determine the project&#8217;s scope. After the survey, the company will begin formal construction.\u00a0 Commenting on the cost of the first phase, the company said that of the total of USD 4 billion, USD 2 billion would be financed by the International Finance Corporation (IFC), co-investors and export and import agencies around the world. \u00a0 It should be noted that Pakistan and Barrick Gold Corporation struck a <a href=\"https:\/\/www.zameen.com\/news\/reko-diq-pakistan-deal-canadian-firm.html\" data-type=\"post\" data-id=\"84738\" target=\"_blank\" rel=\"noreferrer noopener\">USD 11 billion agreement in 2021<\/a>. The corporation foregoes a USD 6 billion settlement to invest more in the project.\u00a0<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/reko-diq-pakistan-deal-canadian-firm.html\" data-type=\"post\" data-id=\"84738\" target=\"_blank\" rel=\"noreferrer noopener\">Reko Diq case resolved, Pakistan signs new agreement with Canadian firm<\/a><\/p>\n\n\n\n<p>According to the deal, the <a href=\"https:\/\/www.zameen.com\/news\/reko-diq-project-balochistan-to-get-higher-share-in-profit.html\" data-type=\"post\" data-id=\"83288\" target=\"_blank\" rel=\"noreferrer noopener\">corporation would receive 50% <\/a>of the earnings, while the Balochistan and federal governments would each receive 25%. As part of the deal, the corporation will also contribute to constructing local infrastructures such as hospitals, schools, housing, and other municipal amenities in the province<strong>.\u00a0\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: Barrick Gold Corporation President Mark Bristow revealed on Monday (July 18) that the first phase of the multibillion-dollar Reko Diq copper-gold exploration project will be completed by 2027-28, news sources reported. The USD 4 billion worth first phase of the project will be completed by the company through co-financing from world institutions. \u00a0 Read: Saudi Arabia to set up mineral refinery for Reko Diq project in Gwadar After meeting with Finance Minister Miftah Ismail, a statement released by the firm stated that the initial framework agreement is being finalised by teams from Barrick and Pakistan. Following the fulfilment of the agreement, the firm will prepare a feasibility study to determine the project&#8217;s scope. After the survey, the company will begin formal construction.\u00a0 Commenting on the cost of the first phase, the company said that of the total of USD 4 billion, USD 2 billion would be financed by the International Finance Corporation (IFC), co-investors and export and import agencies around the world. \u00a0 It should be noted that Pakistan and Barrick Gold Corporation struck a USD 11 billion agreement in 2021. The corporation foregoes a USD 6 billion settlement to invest more in the project.\u00a0 Read: Reko Diq case&hellip;<\/p>\n","protected":false},"author":84,"featured_media":67076,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[53225,53228,53227,53226],"persona":[],"class_list":{"0":"post-87395","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-first-phase-of-reko-diq-copper-gold-project-to-complete-by-2028","9":"tag-gold-and-copper-mining","10":"tag-reko-diq-minning","11":"tag-reko-diq-pakistan","12":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>First phase of Reko Diq project to complete by 2028- Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: Barrick Gold Corporation President Mark Bristow revealed on Monday (July 18) that the first phase of the multibillion-dollar Reko Diq\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/phase-reko-diq-project-by-2028.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First phase of Reko Diq project to complete by 2028- Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: Barrick Gold Corporation President Mark Bristow revealed on Monday (July 18) that the first phase of the multibillion-dollar Reko Diq\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/phase-reko-diq-project-by-2028.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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