Barrick Gold to invest in Gwadar for import and export of different minerals

Barrick Gold

A Canada-based mining company, Barrick Gold Corporation expressed a strong interest in investing in Gwadar for the import and export of different minerals. 

According to the media reporters, the development came during the visit of a team of Barrick Gold Corporation to Gwadar on Tuesday. The team was headed by Reko Diq’s Project Director, Michael Peter Nelson, who attended an important meeting about investment opportunities in Gwadar. 

During the high-level meeting, Chairman of Gwadar Port Authority (GPA) Naseer Khan Kashani explained the Barrick Gold team about Gwadar Port, Gwadar Free Zone, and various other development projects under the China-Pakistan Economic Corridor (CPEC). 

The Barrick Gold team was also explained regarding the tourism opportunities in Gwadar. Chairman GPA further informed the team that the Gwadar International Airport will become operational next year and tourists from across the globe will visit the port city. 

Read more: Gold and copper extraction from ‘world-class’ Reko Diq mine to start by 2027

Chairman GPA insisted the Barrick Gold team take benefit of the investment opportunities which Gwadar has to offer, continuing that Gwadar is much safe for foreign investment and the port city has all the basic infrastructure to facilitate the investors. 

Earlier in March, this year, it was reported that Barrick Gold Corporation is ready to restart the development of the Reko Diq mine after almost a decade-long legal battle. 

As part of new contracts with the Federal and Balochistan governments, Barrick Gold decided to invest $10 billion in Balochistan, generating 8,000 employment opportunities for the people of the province. 

Moreover, both Barrick Gold and Pakistan will each have a 50% share in Reko Diq. Pakistan’s share will be equally divided between the Federal and Balochistan governments. 

The 25% share of the Federal government will be divided equally between three state-owned entities (SOEs); Pakistan Petroleum Limited (PPL), Oil and Gas Development Corporation Limited (OGDCL), and Government Holdings Pakistan Limited (GHPL). While Balochistan’s 25% shareholding will be held by a company entirely-owned and controlled by the provincial government. 

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