ISLAMABAD: The Senate Standing Committee was told on Tuesday that gold and copper production from the Reko Diq mining project will begin in December 2028.
Officials from the Petroleum Ministry said work on the project is moving quickly and the production target has been set for three years.
The petroleum secretary said mining activity will start earlier, while full production will begin in 2028.
He said Barrick Gold holds administrative control of the project and owns 50 percent of its shares. Petroleum companies hold 25 percent, and the Balochistan government has a 15 percent stake.
Officials said that 10 to 15 percent of the project work has been completed.
Senator Qurrat ul Ain Marri questioned why representatives of the project were absent from the meeting. She said Barrick Gold, as the main partner, should attend committee hearings.
The secretary said the ministry would ensure Barrick Gold representatives join future sessions.
He said the project has three phases. Production in the first phase will start in 2028, and revenue from it will help finance the second phase.
The second phase will begin in 2031.
Earlier, in May, Petroleum Minister Ali Pervez Malik told the Senate that the first phase aims to produce 300,000 ounces of gold and 200,000 tons of copper annually.
He said the second phase will start in 2034 and will target annual output of 500,000 ounces of gold and 400,000 tons of copper.
Earlier in September, the government of Pakistan had approved a $7.72 billion package for the Reko Diq copper and gold mine project, clearing the way for the signing of a final agreement within two weeks in what officials call a landmark step for the country’s largest mineral project.
The Economic Coordination Committee (ECC), chaired by Finance Minister Muhammad Aurangzeb, ratified the revised cost of the first phase and endorsed agreements between state-owned enterprises (SOEs), the Balochistan government, and lenders.
