Barrick Gold has shown keen interest in channeling a substantial $7 billioninvestment towards the revitalization of Pakistan’s Reko Diq miningproject. This venture is believed to house some of the planet’s mostextensive untapped reservoirs of copper and gold, according to experts.
Notably, this undertaking signifies not only the largest foreign fixedinvestment in Pakistan but also holds significant global implications.Copper, a pivotal element in the world’s energy transition, is expected tobe in high demand, with global supplies potentially falling short.
Mark Bristow, the CEO of Barrick, emphasized the exceptional scale of RekoDiq as one of the largest undeveloped copper-gold projects worldwide. Theirplan is to commence mining operations in 2028, contingent upon an ongoingfeasibility study. Bristow emphasizes the transformative potential of thisproject for the region, highlighting the importance of early benefits anddividends to the local community.
Additionally, the involvement of Saudi Arabia’s Public Investment Fund andstate mining company Ma’aden as potential investors adds another layer ofsignificance to the Reko Diq project. Analysts suggest that theparticipation of one of Pakistan’s key allies could provide a shieldagainst potential political reversals, bolstering the project’s stability.
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This landmark agreement between Pakistan and Barrick Gold, worth $8billion, was forged in December of the previous year following the SupremeCourt’s endorsement of its legality. Representatives from Reko Diq GoldCorporation, along with federal and Balochistan government officials,finalized this substantial agreement, paving the way for a transformativedevelopment in the region’s mining industry.
