Canada’s Barrick Mining is considering splitting into two separate companies, one focused on North America and another on Africa and Asia. The potential plan could include selling its Reko Diq mine in Pakistan. Sources say no decisions have been finalized yet, and talks are ongoing. The proposed split would reverse Barrick’s 2019 merger with Randgold […]
Reko Diq
Reko Diq to drive growth, boost Pak-Canada ties: PM Shehbaz
Prime Minister Shehbaz Sharif said the Reko Diq mining project will become a symbol of development and stronger Pakistan–Canada cooperation. He praised Barrick Gold’s role in the venture, calling it a potential success story for both nations. The Prime Minister made these remarks during a meeting with Canada’s new High Commissioner, Ambassador Tarik Ali Khan, […]
Pakistan Links Economic Stability to Security: Aurangzeb
WASHINGTON — Finance Minister Muhammad Aurangzeb has said that controlling militancy is essential for Pakistan’s financial stability. Speaking at the end of his week-long visit to Washington for the IMF and World Bank meetings, he noted that investors and global lenders repeatedly raised concerns about Pakistan’s security situation and its link to economic recovery. Federal […]
Finnish tech giant Metso keen to invest in Reko Diq
Finnish technology giant, Metso, has expressed interest in making a significant investment in Pakistan’s mineral sector, particularly copper mining, with plans to participate in the Reko Diq project. The development came during a meeting between Piia Karhu, President of Minerals at Metso company, Finland, and Minister of State for Finance and Railways, Bilal Azhar Kayani, […]
Barrick CEO resigns raising questions over future of Reko Diq
Barrick Mining appointed veteran executive Mark Hill as interim president and CEO on Monday following the sudden resignation of Mark Bristow, who led the Canadian miner for nearly seven years after its merger with Randgold Resources. Bristow, who became CEO in 2019 when Barrick acquired Randgold, oversaw the integration of the two companies and steered […]
World bank invests $300 million in Reko Diq mining project
The International Finance Corporation (IFC), the World Bank’s investment arm, has committed $300 million to Pakistan’s Reko Diq mining project. This significant funding aims to support the development of one of the largest untapped copper and gold reserves in the world. The project was restructured in 2022 and involves a partnership between the Pakistan government, […]
Barrick gold advances major copper-gold project in Pakistan
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 […]
Barrick Gold sets 2028 as target for first production from Reko Diq
ISLAMABAD: Barrick Gold Corporation Chief Executive Mark Bristow said that the company had set 2028 as the target for starting the first production from the giant copper-gold mine Reko Diq in Balochistan. It was also planning to complete the Reko Diq feasibility study update by the end of 2024, said Mark Bristow in a news […]
Reko Diq: Pakistan reconstitutes agreement with Barric Gold, avoids US $11 bln penalty
ISLAMABAD: Minister for Finance and Revenue Shaukat Tarin on Sunday said Governments of Pakistan and Balochistan, Antofagasta plc, and Barrick Gold Corporation had reached agreement in principle on a framework to reconstitute the Reko Diq project, and a pathway for Antofagasta to exit the project. Addressing a hurriedly called press conference flanked with the Federal […]