Canadian mining giant Barrick Gold Corporation has taken a significant step in developing a large copper and gold project in Pakistan. The company has provisionally approved plans for the Reko Diq project and anticipates signing a $3 billion funding package by the third quarter. This initiative aims to boost the local and national economy while drawing international attention to Pakistan’s mining potential.
The financing for the Reko Diq project is primarily led by the World Bank’s International Finance Corporation (IFC). Additionally, state funding agencies from the US, Germany, and Japan are participating. Barrick Gold’s CEO, Mark Bristow, announced that both the Pakistani and Balochistan governments have provisionally agreed to the first phase of the project. Major construction works are expected to commence this year, with initial production targeted for 2028.
Bristow highlighted the project’s potential during the opening of the Pakistan Minerals Investment Forum. He stated that Reko Diq would act as a “beacon” for Pakistan on the global mining landscape. Moreover, he emphasized that it would serve as a major contributor to Pakistan’s economy and make a transformative impact on the underdeveloped Balochistan province.
Barrick Gold holds a 50% stake in the Reko Diq mine, while the governments of Pakistan and Balochistan own the remaining shares. The mine is recognized as one of the largest untapped copper-gold areas in the world. Its development is seen as a crucial opportunity for improving Pakistan’s struggling economy and enhancing its mining sector.