ISLAMABAD (MNN); Barrick Mining Corp has reiterated its commitment to the Reko Diq copper and gold project in Balochistan, despite recent speculation about a possible withdrawal.
Speaking to Reuters on Tuesday, interim CEO Mark Hill said the company remains fully dedicated to the multibillion-dollar venture, considered one of the world’s largest undeveloped copper deposits.
The $7 billion project is jointly owned by Barrick and the Government of Pakistan in a 50-50 partnership, with production expected to begin by late 2028. Earlier, Reuters reported that Barrick’s board was considering restructuring the company’s global assets, potentially including a sale of Reko Diq and certain African operations.
However, Hill dismissed concerns, saying the company stands firm on its plans in Pakistan.
Security challenges persist in Balochistan, where militant attacks remain a significant risk. The project also requires major infrastructure upgrades, including improvements to the railway network to enable copper concentrate transport to Karachi for overseas processing.
According to Barrick, lenders such as the International Finance Corporation and Asian Development Bank are arranging a financing package exceeding $2.6 billion.
The Reko Diq project contributed 13 million ounces to Barrick’s gold reserves in 2024 and is projected to yield 200,000 metric tonnes of copper annually in its initial phase, doubling after expansion. Over its 37-year life, it is expected to generate more than $70 billion in free cash flow.
The renewed commitment highlights the project’s strategic importance to Pakistan’s minerals development agenda and Barrick’s long-term global portfolio.
Sources indicate that some board members worry that exposure to higher-risk regions may be impacting the company’s valuation compared to its safer North American assets, particularly amid potential acquisition interest. Barrick returned to Pakistan in 2022 following a prolonged legal dispute, and the company now views Reko Diq as a flagship investment within the country’s emerging minerals sector.
