Karachi: Barrick Mining is seeking to raise up to USD 3.5 billion from the United States and other international lenders to help finance the development of the Reko Diq copper and gold mine in Balochistan, after earlier plans for Saudi Arabian investment fell through.
Barrick CEO Mark Bristow told the Financial Times the company is working on a “G7-country financing package” for the USD 9 billion project, involving institutions such as the World Bank’s International Finance Corporation, the US Export-Import Bank, the US International Development Finance Corporation, the Asian Development Bank, and lenders from Germany, Canada, and Japan.
Bristow said there is “a lot of interest to support Pakistan” and described the mine as a project that has “focused a spotlight” on the region. The first phase of Reko Diq, 50% owned by Barrick and 50% by the federal and provincial governments of Pakistan, is expected to cost USD 6.6 billion, with both sides contributing USD 1.5–1.8 billion each. The remaining USD 3–3.5 billion will be sought from international lenders under limited recourse financing.
Earlier discussions with Saudi Arabia’s Manara Minerals for a 20% stake in the project did not result in an agreement. Despite the setback, Barrick plans to proceed, with production targeted to begin in 2028.
The Reko Diq mine is considered one of the world’s largest undeveloped copper-gold deposits, and its development comes amid heightened global competition for critical minerals used in energy infrastructure and defense manufacturing. Bristow noted that any US government funding would give it access to copper concentrate from the mine, though additional smelting capacity would be required to process it into refined metal.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
