AIRLINK 184.92 Decreased By ▼ -0.27 (-0.15%)
BOP 9.61 Decreased By ▼ -0.32 (-3.22%)
CNERGY 7.26 Decreased By ▼ -0.03 (-0.41%)
FCCL 36.43 Decreased By ▼ -0.21 (-0.57%)
FFL 14.34 Decreased By ▼ -0.19 (-1.31%)
FLYNG 24.28 Decreased By ▼ -0.64 (-2.57%)
HUBC 126.41 Decreased By ▼ -0.42 (-0.33%)
HUMNL 12.80 Decreased By ▼ -0.27 (-2.07%)
KEL 4.29 Decreased By ▼ -0.03 (-0.69%)
KOSM 5.94 Decreased By ▼ -0.12 (-1.98%)
MLCF 42.27 Decreased By ▼ -0.62 (-1.45%)
OGDC 198.51 Increased By ▲ 3.07 (1.57%)
PACE 6.08 Decreased By ▼ -0.21 (-3.34%)
PAEL 37.75 Decreased By ▼ -0.21 (-0.55%)
PIAHCLA 17.09 Increased By ▲ 0.19 (1.12%)
PIBTL 7.74 Decreased By ▼ -0.05 (-0.64%)
POWER 9.22 Decreased By ▼ -0.17 (-1.81%)
PPL 168.09 Increased By ▲ 0.20 (0.12%)
PRL 32.75 Decreased By ▼ -1.27 (-3.73%)
PTC 22.42 Decreased By ▼ -0.09 (-0.4%)
SEARL 101.88 Decreased By ▼ -2.09 (-2.01%)
SILK 1.07 Decreased By ▼ -0.12 (-10.08%)
SSGC 35.53 Decreased By ▼ -0.42 (-1.17%)
SYM 17.92 Decreased By ▼ -0.18 (-0.99%)
TELE 8.17 Increased By ▲ 0.15 (1.87%)
TPLP 11.70 Increased By ▲ 0.07 (0.6%)
TRG 66.12 Decreased By ▼ -0.04 (-0.06%)
WAVESAPP 11.79 Decreased By ▼ -0.34 (-2.8%)
WTL 1.53 Increased By ▲ 0.01 (0.66%)
YOUW 3.79 Decreased By ▼ -0.02 (-0.52%)
BR100 11,609 Increased By 39.9 (0.34%)
BR30 34,116 Increased By 81.8 (0.24%)
KSE100 110,323 Increased By 21.8 (0.02%)
KSE30 34,411 Increased By 24.5 (0.07%)

KARACHI: The Reko Diq copper and gold project in Pakistan is expected to generate approximately $74 billion in free cash flow over the next 37 years, based on consensus long-term prices, the CEO of joint owner Barrick Gold said in a media interview.

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.

The project, which was delayed due to a long running dispute that ended in 2022, is expected to start production by the end of 2028. It will produce 200,000 tons of copper per year in its first phase, with an estimated cost of $5.5 billion. The first phase is expected to be completed by 2029, Barrick’s CEO Mark Bristow told Pakistani digital media outlet Dawn News English.

Saudi Arabia, Pakistan to sign Barrick deal in few weeks, says Al Faleh

A second phase, estimated to cost $3.5 billion, will double production, he added.

The mine is estimated to have reserves lasting 37 years but Bristow said that through upgrades and expansions it could potentially be mined for much longer.

A free cash flow of $74 billion could generate significant dividends, royalties and taxes for Pakistan, which currently has only around $11 billion in foreign reserves.

Saudi Manara Minerals’ team in Pakistan for talks on Reko Diq mine stake, document shows

Barrick is also in talks with railway authorities and infrastructure providers to revamp the coal terminal in Port Qasim, on the outskirts of Pakistan’s port city Karachi, to develop infrastructure to transport copper in the country and for export.

Bristow said the project’s timeline is on track, with fencing, accommodation, and surveys already completed.

Saudi Arabian mining company Manara Minerals could invest in Pakistan’s Reko Diq mine in the next two quarters, Pakistani Petroleum Minister Musadik Malik said last week.

Executives from Manara visited Pakistan in May last year for talks about buying a stake in the project. Pakistan is also in talks with other Gulf countries about mining opportunities, Malik said.

Comments

200 characters
Az_Iz Jan 20, 2025 05:59pm
Great
thumb_up Recommended (0) reply Reply
Abdulrehman Jan 20, 2025 06:11pm
Please give me laptop for education purposes please
thumb_up Recommended (0) reply Reply
Abdulrehman Jan 20, 2025 06:13pm
Please give laptop for education purposes im very hardworking student but I can’t have more advance electronics for education please accept my request
thumb_up Recommended (0) reply Reply
KU Jan 20, 2025 06:21pm
Back in 1995 Reko Diq mining of copper n gold was valued at $1 trillion, details on Pak share of dividends is sketchy.
thumb_up Recommended (0) reply Reply
Re=== Jan 20, 2025 07:20pm
We will believe it when we see the money
thumb_up Recommended (0) reply Reply
Sarfraz Ahmad Jan 20, 2025 08:05pm
Please
thumb_up Recommended (0) reply Reply
Az_Iz Jan 20, 2025 08:23pm
Building castles in air.
thumb_up Recommended (0) reply Reply
Az_Iz Jan 20, 2025 09:30pm
@Re===, this news is coming from the investor, not the government. Better believe it.
thumb_up Recommended (0) reply Reply
Notsurprised Jan 20, 2025 10:12pm
Extremely understated estimate. Minimum 300 to 500 bln in undiscounted cash flows. The mining companies always predict much lower output, for a variety of reasons.
thumb_up Recommended (0) reply Reply
Zia Ullah Khan Jan 20, 2025 10:12pm
This estimate , much lower than $ 200 billions by freelancers is going to create lot of problems for the government which seems desperate to off load its share for some upfront foreign exchange.
thumb_up Recommended (0) reply Reply
M.amin malik Jan 20, 2025 10:15pm
@Re===, these thieves will sell the remaining 50 PC share and Pakistanis will get money only for labour
thumb_up Recommended (0) reply Reply
Az_Iz Jan 21, 2025 12:46am
If some other investors can agree to generate $200,$300 or $500 billion,as is being said,then Barrick Gold will easily sell their rights,for a premium of a few billion dollars,and get out.
thumb_up Recommended (0) reply Reply
Az_Iz Jan 21, 2025 12:49am
@Notsurprised,why aren't other investors coming forward,publicly with promise of generating hundreds of billions of dollars?
thumb_up Recommended (0) reply Reply
Az_Iz Jan 21, 2025 12:50am
@Zia Ullah Khan,can you name a few investors,who are willing to guarantee this kind of return.
thumb_up Recommended (0) reply Reply
Az_Iz Jan 21, 2025 12:52am
Who are the investors, who will generate hundreds of billions of dollars.Why are they publicly not offering these kind of returns.
thumb_up Recommended (0) reply Reply
Re=== Jan 21, 2025 01:59am
So suddenly, they realized that Pakistan would get $75B. What has changed? What are new discoveries? Again will believe it when we actually see the money!
thumb_up Recommended (0) reply Reply
zh Jan 21, 2025 03:06am
Pakistan should make sure that the processed product and not the mineral is exported.
thumb_up Recommended (0) reply Reply
Concerned Jan 21, 2025 09:32am
Generate USD74.00Billion for the company or for the Balochistan Provincial Government and the Federal Government?
thumb_up Recommended (0) reply Reply
Muqarrab Qayyum Jan 21, 2025 09:53am
@Abdulrehman , your email or contact?
thumb_up Recommended (0) reply Reply
Tariq Qurashi Jan 21, 2025 10:51am
How does this compare to our income from Saindak? Also, what share does Pakistan still own after the sale of shares to SA?
thumb_up Recommended (0) reply Reply
Az_Iz Jan 21, 2025 05:48pm
@Re===,one thing that is constantly changing is,EV and solar power generation.And electricity creates demand for copper,and copper prices are expected to move and remain higher.Yes,nothing is certain.
thumb_up Recommended (0) reply Reply