Barrick Mining’s interim CEO Mark Hill confirmed the company remains fully committed to the $7 billion Reko Diq copper-gold project in Pakistan, after speculation it might pull out.
📌 Reko Diq — one of the world’s largest undeveloped copper deposits
• 50/50 partnership between Barrick and Pakistan
• Production expected by end-2028
• Adds 13 million oz to Barrick’s gold reserves (2024)
• Initial output: 200,000 tons of copper/year, doubling after expansion
• Projected $70B+ free cash flow over 37 years
Financing & Geopolitical Challenges
The mine is located in insurgency-hit Balochistan, requiring strengthened security and major rail upgrades for transport to Karachi.
IFC, ADB and others are assembling $2.6B+ financing for the project.
Why it Matters
Reko Diq is central to Pakistan’s national minerals strategy and one of Barrick’s most strategic long-term developments.
However, some Barrick board members and shareholders remain concerned that exposure to high-risk jurisdictions (Pakistan & Africa) pressures the company’s valuation versus its North American peers — especially amid potential takeover interest.
Despite this, Barrick signals it is staying the course at Reko Diq.