Investment of $10Bn in Balochistan by Barrick Gold Corp
The amount of $10 billion will be invested in Balochistan by Barrick Gold Corp.
A Canadian mining corporation named Barrick Gold Corporation has shown a strong desire to invest in Gwadar for the import and export of various minerals.
The news broke during a delegation from Barrick Gold Corporation’s Tuesday visit to Gwadar. The group, led by Michael Peter Nelson, Project Director for Reko Diq, held a crucial briefing about Gwadar’s investment potential.
Naseer Khan Kashani, the Gwadar Port Authority’s (GPA) chairman, gave the Barrick Gold team an overview of the Gwadar Port, the Gwadar Free Zone, and other China-Pakistan Economic Corridor development projects during the meeting (CPEC).
Investment of $10Bn in Balochistan by Barrick Gold Corp
The tourism prospects in Gwadar were also made known to the Barrick Gold team. The Gwadar International Airport will open its doors to travellers from all over the world the following year, according to the chairman of the Gwadar Port Authority.
The GPA Chairman advised the Barrick Gold team to take advantage of the investment prospects that Gwadar has to offer, pointing out that the port city is entirely safe for foreign investment and has all the required infrastructure to make it easy for investors.
In March of this year, it was announced that Barrick Gold Corporation would resume the construction of the Reko Diq mine following a nearly ten-year court fight.
Barrick Gold committed to investing $10 billion in Balochistan as part of renewed agreements with the federal and provincial governments, generating 8,000 jobs for the province’s residents.
50% of Reko Diq will be owned by Barrick Gold and 50% by Pakistan, respectively. Both the Federal and Balochistan governments will get equal shares of Pakistan’s contribution.
Three state-owned enterprises (SOEs), including Oil and Gas Development Corporation Limited (OGDCL), Pakistan Petroleum Limited (PPL), and Government Holdings Pakistan Limited, would each own a 25% stake in the company (GHPL). On the other hand, a business that is entirely owned and under the supervision of the provincial government will hold 25% of Balochistan.
