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$3.2 Billion Investment in Pakistan Gold/Copper Resource

A potential copper and gold deposit in Balochistan, Pakistan has attracted a fresh investment of $3.2 billion via a joint venture.

The joint venture comprises of Barrick Gold Corporation (NYSE:ABX) from Canada and Tethyan Copper Company from Chile. The new investment in Pakistan's Reko Diq project will allow exploration activity to begin by 2014.

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Aaron Regent the president and CEO of Barrick Gold Corporation was hosted in a reception by Pakistani Federal Secretary of Finance Salman Siddique. Mr. Regent said on the occasion that the joint venture to develop Reko Diq would turn it into a world class mine with transfer of technology and human resource development.

It would benefit not only the province of Balochistan but also the economy of Pakistan. Development of the new mine is likely to create 11,000 jobs in the region. The actual project operation will also provide about 25,000 jobs to the locals including technical human resources. The mine is likely to have a 56 year life.


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