Canadian mining company Barrick Gold Corporation has provisionally approved plans to develop the expansive Reko Diq copper-and-gold project in Pakistan. The company expects to secure a $3 billion funding package for the mine by the third quarter, as reported by Bloomberg.
The financing is led by the World Bank’s International Finance Corporation (IFC), with additional contributions from state funding agencies in the US, Germany, Japan, and other countries, according to Barrick’s CEO Mark Bristow.
The governments of Pakistan and Balochistan, who are partners in the project, have provisionally signed off on the first phase of development, with major construction set to begin this year. The first production is targeted for 2028. However, the $6 billion development plan hinges on finalizing the financing arrangement.
Barrick is also considering further exploration in the region and has signed a memorandum of understanding (MoU) with Pakistan’s Mari Energies Ltd. for two additional mineral properties adjoining the Reko Diq site.
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The Reko Diq project, owned 50% by Barrick Gold and 50% by the governments of Pakistan and Balochistan, is expected to become a crucial contributor to Pakistan’s economy. CEO Mark Bristow highlighted its significance during the opening of the Pakistan Minerals Investment Forum, describing it as a “beacon that leads Pakistan” on the global mining map.
The project is anticipated to significantly impact the underdeveloped Balochistan region and boost Pakistan’s economy, making it one of the world’s largest untapped copper-gold resources.
