Barrick not acting as facilitator between Pakistan, Saudi Arabia for Reko Diq project, says CEO

TORONTO: Barrick Mining CEO Mark Bristow said on Monday Barrick was not acting as a facilitator between Pakistan and Saudi Arabia for the Reko Diq copper-gold project.

Saudi Arabia’s sovereign wealth fund PIF was in talks with the Pakistani government to invest in the project.

In an interview with Reuters, Bristow also said the World Gold Council was waiting for clarity from the United States regarding potential tariffs on gold bars, but he added that the impact on mining companies would be minimal as they are “price takers”.

Concerning Barrick’s ongoing dispute with Mali, Bristow said the company had not considered selling its Loulo-Gounkoto gold mine complex to a third party at the stage.

The Canadian miner beat analysts’ expectations for second-quarter profit on Monday, as a surge in gold prices helped to offset a drop in production, including from Mali.

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The West African nation’s military government temporarily took over Loulo-Gounkoto in June, escalating a dispute over the company’s alleged refusal to sign a new mining contract and non-payment of taxes.

Barrick in its results released on Monday said that due to the loss of control of the mine in Mali, the company had recorded a pretax loss of $1.03 billion.

Barrick Gold owns a 50% stake in the Reko Diq mine and the governments of Pakistan and the province of Balochistan own the other 50%. Barrick considers the mine one of the world’s largest underdeveloped copper-gold areas, and its development is expected to have a significant impact on Pakistan’s struggling economy.

Addressing the attendees, Bristow informed in 2024 the feasibility study of Reko Diq was completed, which revealed that the mines have 15 million tons of copper reserve and 26 million ounces of gold.