Islamabad: Barrick Mining Corporation has reaffirmed its commitment to developing the Reko Diq copper-gold project in Balochistan, dismissing speculation that the company may divest from certain international assets. Speaking to Reuters on Tuesday, interim Chief Executive Officer Mark Hill said, “Barrick remains committed to the Reko Diq project and to Pakistan.”
The statement follows recent market chatter triggered by a Reuters report suggesting that Barrick’s board had been considering a potential split of its global portfolio, a move that could involve the sale of Reko Diq as well as operations in Africa. Some shareholders, according to sources cited in the report, had voiced concerns that exposure to higher-risk jurisdictions may be affecting the company’s valuation compared with its North American assets.
Reko Diq is a USD 7 billion joint venture equally owned by Barrick and the government of Pakistan. The project added 13 million ounces to Barrick’s gold reserves in 2024 and is slated to begin production by the end of 2028. In its first phase, the mine is expected to produce 200,000 metric tons of copper annually, with output projected to double after expansion. Over its 37-year life, the venture is expected to generate more than USD 70 billion in free cash flow.
Hill said financing preparations are progressing, with lenders including the International Finance Corporation and the Asian Development Bank putting together a package of more than USD 2.6 billion to support development.
The project remains central to Pakistan’s broader strategy to expand its minerals sector. For Barrick, Reko Diq is one of the largest long-term developments in its global portfolio. The company re-entered Pakistan in 2022 after resolving a protracted legal dispute that had stalled progress on the mine for years.
Separately, Oil and Gas Development Company Limited (OGDC) also sought to reassure investors following reports of Barrick’s potential restructuring. In a corporate briefing attended by Topline Securities, OGDC said the speculation had “no impact” on the Reko Diq venture. According to the brokerage, Barrick has already assured stakeholders that the project remains a priority asset and that any internal corporate changes are unlikely to affect its development.
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.
