Mineral wealth: PM, Barrick chief discuss investment

ISLAMABAD: In a fresh sign of growing international interest in Pakistan’s mineral wealth, Barrick Mining Corporation on Friday expressed interest in investing in mineral processing industries in Karachi and Gwadar, signalling a possible expansion of its presence in the country beyond the Reko Diq copper and gold project.

The interest was expressed by a delegation led by Barrick Chairman John Thornton during a meeting with Prime Minister Shehbaz Sharif, as the two sides explored opportunities to expand investment in Pakistan’s mineral sector and discussed the policy, regulatory and infrastructure conditions needed to attract international mining companies.

The proposed investments in Karachi and Gwadar could broaden Barrick’s involvement in Pakistan beyond the extraction of mineral resources, potentially extending its interests to processing and related industrial activities.

Prime Minister Sharif described Reko Diq as a landmark investment and said its successful development could establish a benchmark for future projects in Pakistan’s mining industry.

He said the government was seeking to capitalise on the country’s mineral wealth through investor-friendly policies, infrastructure development, modern technology and incentives for international investors.

He also emphasised that mineral development must bring tangible benefits to local communities, particularly in Balochistan, where Reko Diq is located.

Employment, skills training for young people and improvements in living conditions, he said, were among the government’s priorities.

The discussions also focused on the regulatory and infrastructure framework required to support large-scale mineral investments.

The prime minister said Pakistan wanted to draw on Barrick’s international experience in developing mineral resources beyond the Reko Diq project.

The Barrick delegation welcomed the Pakistan Minerals Investment Forum (PMIF), describing it as an important initiative to advance the country’s mining sector, and acknowledged the government’s efforts to encourage foreign investment.

The meeting was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb, Petroleum Minister Ali Pervaiz Malik, and Lt Gen Muhammad Zafar Iqbal (Retd), the Prime Minister’s Special Assistant on Energy, along with senior government officials.

Copyright Business Recorder, 2026