Barrick corporate changes won’t affect Reko Diq, says OGDC

The management of Oil and Gas Development Company Limited (OGDC) has dismissed media speculation surrounding Barrick Gold’s reported corporate restructuring, assuring investors that the changes will have no impact on the Reko Diq project.

This was shared during a corporate briefing session held on November 24, 2025, which was attended by brokerage house Topline Securities, as noted in a report.

“Regarding Barrick’s corporate split, management stated that these are media speculations and Barrick has assured them that Reko Diq remains a priority asset. Additionally, given the stakeholders involved, any corporate restructuring is not expected to impact the project,” read the report.

The development came days after Reuters, citing its sources, reported that the board of Canada’s Barrick Mining raised the possibility of splitting the company into two separate entities, one focused on North America and the other on Africa and Asia.

A split could also include the outright sale of Barrick’s African assets as well as of the Reko Diq mine in Pakistan, once it has secured financing, read the report.

Reko Diq is a massive, undeveloped copper and gold deposit located in Balochistan, Pakistan, which is believed to be one of the world’s largest. The project is owned 50% by Barrick, 25% by three federal SOES, including OGDC, 25% by the Government of Balochistan, of which 15% is on a fully funded basis and 10% is on a free carried basis.

The project, which aims to start production in 2028, is expected to become a world-class copper-gold mine, contributing to Pakistan’s economic development.

According to OGDC management, the E&P expects average annual cash flows of approximately $150-200 million from the Reko Diq mining project, based on its 8% stake. “To highlight, the initial cash flow from this project will fund its second phase of expansion,” read the Topline report.