Quetta, 17 August 2022 (TDI): Canada has announced aid for Pakistan sponsored by one of its mining firms. The Barrick Gold Corporation announced on Wednesday that it will provide Pakistan with $150,000 of aid.
Canada stands with the people of 🇵🇰 during the #floods. @Barrickgold, a 🇨🇦 mining company is contributing $150,000 to @PDMABalochistan to support its relief efforts in the wake of unprecedented floods in the region.https://t.co/uUCnvehsVz@dpr_gob @GovtofPakistan @PkPublicDiplo
— Canada in Pakistan (@CanHCPakistan) August 17, 2022
Barrick Gold Corporation is a mining company with its headquarters in Toronto, Ottawa, Canada. It is responsible for producing gold and copper after extraction from mines in many countries. The corporation is working with 16 operating sites in 13 countries as of 2022.
The corporation will give the funds to Balochistan Provincial Disaster Management Authority (PDMA). They will be used to bring relief to the flood-stricken people in the region. The funds will help Pakistan deal with the impacts of the floods.
Discussion on flood impacts
On 11 August 2022, the Chief Minister of Baluchistan, Abdul Quddus Bizenjo, had a phone conversation with the President of Barrick Gold Corporation, Mark Bristow. During their conversation, the President and Chief Executive of Barrick Gold Corporation affirmed the Chief Minister of the corporation’s support for Balochistan.
He extended his condolences to the people who lost their lives in the floods that have hit many areas of Pakistan. Moreover, he also expressed his concerns over the people who had and are still suffering from the floods in Pakistan.
During their conversation, President Mark also mentioned the restart of the Reko Diq project. He said that the Corporation highly appreciated their partnership over the project due to which they will also help Baluchistan in dealing with the impacts of the floods.
Moreover, the Chief Executive also mentioned the benefits Baluchistan will get from its stake in the mine. He explained that Reko Diq will advance royalties of up to $5 million in the first year and up to $10 million thereafter until construction starts.
Therefore, he emphasized speeding up construction work in the mine as it will help Baluchistan too.
The Reko Diq project
Reko Diq is a planned mining operation, located near Reko Diq town in Chagai District, Balochistan, Pakistan. It holds one of the world’s largest copper-gold deposits. The mine approximately holds reserves of 5.9 billion tonnes of ore grading 0.41% copper and gold reserves amounting to 41.5 million oz.
In July this year, the Finance Minister of Pakistan, Miftah Ismail, and Barrick Gold President had a meeting in which they committed to developing Reko Diq as a world-class mine that would create value for the country. Earlier this year, an agreement was also signed between the Government of Pakistan, the Provincial Government of Balochistan, and Barrick Corporation. The agreement provided for the reconstitution and restart of the mining project.
.@MiftahIsmail and Mark Bristow said after their meeting today they share a clear vision of developing the Reko Diq copper-gold project as a world-class mine that would create value for Pakistan and its people through multiple generations. https://t.co/9TZUMX4YId $GOLD $ABX
— Barrick Gold Corporation (@BarrickGold) July 18, 2022
According to the agreement, Balochistan will have a 25% fully funded share in the project. Furthermore, Pakistani state-owned enterprises will hold another 25% and Barrick, with 50%, will operate the mine.
Also Read: Pakistan, Barrick Gold Corporation reach agreement on Reko Diq
Floods in Pakistan
In Pakistan, many areas are flooded with water due to heavy monsoon rain. Cities in Sindh and Balochistan are facing severe damage due to floods.
The National Disaster Management Authority (NDMA) reported that floods in Pakistan have resulted in 530 deaths and 604 people have been injured since 14 June 2022.
Over 42,000 houses have been either fully or partially damaged leaving many people displaced from their homes. Moreover, it also damaged 56,097 hectares of crop area.
Many countries and organizations have stepped forward in helping Pakistan deal with the ongoing floods. Recently, the USAID also announced $100,000 of aid to Pakistan to deal with the impacts of floods.
