Barrick Gold’s Reko Diq Project Aims to Secure $2 Billion, Boosting Pakistan’s Economy

Global Demand Positions Reko Diq as Key Player in Copper-Gold Supply Chain

Barrick Gold’s Reko Diq copper-gold project in Pakistan is poised to secure over $2 billion from international lenders, according to Project Director Tim Cribb. Term sheets for the financing are expected to be finalized by early Q3 2025. This funding will support the development of one of the world’s largest untapped deposits of copper and gold, which is projected to generate $70 billion in free cash flow and $90 billion in operating cash flow. Cribb shared updates during the Pakistan Minerals Investment Forum, emphasizing the project’s potential to boost Pakistan’s economy.

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The Reko Diq project is jointly owned by Barrick Gold, the Government of Pakistan, and the Government of Balochistan. Phase one of the mine is scheduled to begin production in 2028, with infrastructure financing also under discussion. Plans for rail connectivity are estimated to cost between $500 million and $800 million, with $350 million needed initially. Recent feasibility studies have increased phase one throughput from 40 million to 45 million tons annually, while phase two throughput will now reach 90 million tons. Although the mine’s lifespan has been reduced to 37 years due to higher production rates, Barrick predicts untapped resources could extend operations for up to 80 years.

In a global context, the World Bank has announced a $2 billion annual investment plan for Pakistan’s infrastructure over the next decade. Reko Diq’s copper reserves have attracted interest from global markets, including Japan, South Korea, Germany, and Sweden, positioning it as a key player in the global copper supply chain. With rising international demand for copper, the project aims to establish long-term offtake agreements with multiple countries, bolstering Pakistan’s mining and industrial sectors.

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