{"id":103053,"date":"2025-08-17T11:16:00","date_gmt":"2025-08-17T06:16:00","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=103053"},"modified":"2025-08-12T15:19:20","modified_gmt":"2025-08-12T10:19:20","slug":"barrick-eyes-g7-backed-funding-for-reko-diq-mine","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/barrick-eyes-g7-backed-funding-for-reko-diq-mine.html","title":{"rendered":"Barrick eyes G7-backed funding for Reko Diq mine"},"content":{"rendered":"\n<p>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.<\/p>\n\n\n\n<p>Barrick CEO Mark Bristow told the <em>Financial Times<\/em> the company is working on a \u201cG7-country financing package\u201d for the USD 9 billion project, involving institutions such as the World Bank\u2019s 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.<\/p>\n\n\n\n<p>Bristow said there is \u201ca lot of interest to support Pakistan\u201d and described the mine as a project that has \u201cfocused a spotlight\u201d 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\u20131.8 billion each. The remaining USD 3\u20133.5 billion will be sought from international lenders under limited recourse financing.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/donor-commitments-for-reko-diq-exceed-usd-5-bn.html\" target=\"_blank\" rel=\"noreferrer noopener\">Donor commitments for Reko Diq exceed USD 5 bn<\/a><\/p>\n\n\n\n<p>Earlier discussions with Saudi Arabia\u2019s 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.<\/p>\n\n\n\n<p>The Reko Diq mine is considered one of the world\u2019s 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.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 \u201cG7-country financing package\u201d for the USD 9 billion project, involving institutions such as the World Bank\u2019s 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 \u201ca lot of interest to support Pakistan\u201d and described the mine as a project that has \u201cfocused a spotlight\u201d 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\u20131.8 billion each. The remaining USD 3\u20133.5 billion will be sought from international lenders under limited recourse financing. Read: Donor commitments for Reko Diq exceed USD 5 bn Earlier discussions with Saudi Arabia\u2019s Manara Minerals for a 20% stake in the project did not&hellip;<\/p>\n","protected":false},"author":18,"featured_media":101876,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15012],"tags":[67298,2086,1952,67292,67293,63693,4295,67291,67290,67294,66937,14796,63552,34475,61861,14927,67296,67299,67295,67297],"persona":[],"class_list":{"0":"post-103053","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-allied-industries","8":"tag-2028-production-target","9":"tag-asian-development-bank","10":"tag-balochistan","11":"tag-barrick-mining","12":"tag-copper-mine","13":"tag-critical-minerals","14":"tag-foreign-investment","15":"tag-g7-financing","16":"tag-gold-mine","17":"tag-international-lenders","18":"tag-mark-bristow","19":"tag-mineral-resources","20":"tag-mining-investment","21":"tag-pakistan-economy","22":"tag-pakistan-mining-sector","23":"tag-reko-diq","24":"tag-us-export-import-bank","25":"tag-us-international-development-finance-corporation","26":"tag-usd-9-billion-project","27":"tag-world-bank-ifc","28":"cat-15012-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Barrick eyes G7-backed funding for Reko Diq mine - Zameen News<\/title>\n<meta name=\"description\" content=\"The Reko Diq mine is considered one of the world\u2019s largest undeveloped copper-gold deposits, and its development comes...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/barrick-eyes-g7-backed-funding-for-reko-diq-mine.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Barrick eyes G7-backed funding for Reko Diq mine - Zameen News\" \/>\n<meta property=\"og:description\" content=\"The Reko Diq mine is considered one of the world\u2019s largest undeveloped copper-gold deposits, and its development comes...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/barrick-eyes-g7-backed-funding-for-reko-diq-mine.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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