In Pakistan, as of April 9 — The prominent Canadian firm Barrick Gold Corporation is moving forward with a major copper and gold venture within the country. They have preliminarily endorsed the development blueprint for the Reko Diq project and expect to finalize a $3 billion financing agreement by Q3. This endeavor seeks to invigorate both regional and national economies and highlight Pakistan’s untapped mineral wealth to an international audience.
The primary financier for the Reko Diq project is the International Finance Corporation (IFC) under the World Bank. State development banks from the United States, Germany, and Japan are also contributing funds. According to Barrick Gold’s CEO, Mark Bristow, both the Pakistani government and the Balochistan administration have preliminarily approved the first stage of the initiative. Significant building activities are anticipated to start this year, aiming at early production beginning in 2028.
During the inauguration of the Pakistan Minerals Investment Forum, Bristow underscored the project’s potential. He mentioned that Reko Diq would function as a “lighthouse” for Pakistan within the international mining sector. Additionally, he pointed out that it will significantly boost Pakistan’s economy and bring about substantial change to the economically lagging Balochistan region.
Barrick Gold owns a 50% interest in the Reko Diq mine, with the Pakistani government and the province of Balochistan holding the rest. This site is considered one of the biggest undeveloped zones rich in copper and gold globally. Developing this project could significantly boost Pakistan’s faltering economy and strengthen its mining industry.
