Barrick Gold and Antofagasta win ruling on controversial Project Reko Diq as the World's largest undeveloped Copper and Gold Mine

Published: Jul 17, 2019 13:45

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Barrick Gold and Antofagasta received $5.8 billion in compensation from Pakistan mainly because of huge losses incurred in 2011 as a result of the Government of Pakistan's refusal to grant mining licences to two enterprises, the Reko Diq copper and gold project.

SMM7 17 news: Barrick gold company (Barrick Gold Corp.) Antofagasta (Antofagasta Plc.) and Antofagasta received $5.8 billion in compensation from Pakistan mainly because of huge losses incurred in 2011 as a result of the Government of Pakistan's refusal to grant mining licences to two enterprises, the Reko Diq copper and gold project.

But Barrick Gold CEO Mark Bristow said he was still willing to work with Antofagasta to discuss the future of the project with Pakistan.

Previous studies have shown that, Reko Diq, the world's undeveloped and largest copper and gold mine, produces about 200000 tons of copper a year, produces 250000 ounces of gold and has a mining life of more than half a century.

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