The gold and copper reserves at Balochistan are bound to receive investment upwards of $7 billion in two phases once the legal framework has been finalised. This investment will convert it into a world-class mine and transform Balochistan.
Barrick Gold Corporation President Mark Bristow while speaking at a press conference said that the company was still negotiating the legal framework with the current government and desired legislation pertaining to this transaction. For the long-term viability of this project’s investment, the company desired that parliament and the Supreme Court review this deal. “We want a partnership framework that complies with the law,” he said.
The long-term viability of the project in the wake of changing political realities requires legal cover because the company in this regard is dealing with the State, not with any specific political individual. IFC will provide risk insurance for the execution of this multi-billion-dollar project in a smooth manner.
It is estimated that 200,000 billion tons copper per year and 400,000 tons of gold could be found from the site. In this regard Balochistan government would start getting royalty as in first year they would get $5 million, second year $7.5 million and then until completion of project $10 million per year.
