Barrick confirms safety of Pakistani copper/gold project

The political crisis gripping Pakistan has not yet impacted on the Reko Diq exploration project; the country is currently in a state of emergency, with its constitution suspended.

Reko Diq is believed to be one of the world’s largest reserves of gold and copper.

The prospect, which is in the Chaghi area of Pakistan’s southwest Balochistan Province, was discovered in 2006 and is believed to contain 12.3 million tons of copper and 20.9 million ounces of gold in inferred and indicated resources.

However, some surveys suggest that Reko Diq may contain substantially more of both copper and gold.

BHP Billiton was involved in the early stages of the survey and has reported that it may have the potential to yield copper resources that could make it a multi-billion mine.

The Balochistan government holds a 25% share in the project, while Barrick Gold owns 50%, in partnership with Antofagasta, the Chilean miner.

The project budget is estimated at US$46 million for a scoping study and initial pre-feasibility costs.

Barrick has confirmed that its staff in Islamabad are safe, and that work at Reko Diq is continuing.

The prospect is in a remote location, which should act as some safeguarded in the current turmoil.