All amounts expressed in US dollars.
TORONTO, Aug. 12, 2022 (GLOBE NEWSWIRE) — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) is contributing $150,000 to Balochistan’s Provincial Disaster Management Authority (PDMA) to support its relief efforts in the wake of unprecedented floods in the region. Remote communities in the province were hardest hit by the heavy monsoon rains which killed more than 500 people in Pakistan.
In a phone call today with the province’s chief minister, Abdul Quddus Bizenjo, Barrick president and chief executive Mark Bristow expressed the company’s condolences on the loss of life and suffering inflicted on the people of Balochistan.
He said the contribution to the emergency fund was a demonstration of the spirit of partnership in which Barrick, Balochistan and Pakistan had embarked on the reconstitution and restart of the Reko Diq project, which holds one of the world’s largest undeveloped copper-gold deposits. Balochistan will have a 25% fully funded share in the project (10% free carried and 15% to be funded by the federal government). Pakistani state-owned enterprises will hold another 25% and Barrick, with 50%, will operate the mine.
“Balochistan will benefit enormously from its stake in the mine. Even before construction starts, once the legalisation process has been completed and the project reconstituted, we will start implementing social development programs representing an estimated investment of $70 million over the…
