Reko Diq project begins production in 2028, Senate body briefed

ISLAMABAD: Senate standing committee was informed on Tuesday that production of gold and copper will begin in Reko Diq mining project in December 2028.

Petroleum ministry officials told Senate body that the work is rapidly underway on the Reko Diq project, and the production target has been fixed within three years.

Secretary Petroleum said that the mining will begin earlier while production will begin in year 2028.

“Barrick Gold holding administrative control of the project, which holds 50 per cent shares of Reko Diq project,” petroleum officials briefed. “Petroleum companies have 25 % shares, while Balochistan government holds 15 percent share,” ministry officials said.

Ministry officials said that 10 to 15% project work has been completed.

“Why the representatives of the project have been absent. Barrick Gold has been the major partner, they should attend the committee’s hearing,” Senator Qurrat ul Ain Marri said.

“It is not a problem, we will take along the Barrick Gold representatives with us,” Secretary Petroleum Division said.

“There are three phases of the project, the first phase production will begin in 2028. The first phase’s production would also be financed in second phase,” secretary said. “The second phase will begin in Year 2031,” official said.

In May this year Petroleum Division minister Ali Pervez Malik informed the Senate that “A target of three lac ounce gold and two lac tons of copper has been fixed for the first phase”.

“The production of the second phase will begin in 2034 in which five lac ounce gold and four lac tons of copper will be extracted yearly,” minister said.