Reko Diq to transform Pakistan into ‘top global mining jurisdictions’, says Barrick CEO

The Reko Diq copper and gold project would become a “beacon that leads Pakistan” on the global mining map, the CEO of joint owner Barrick Gold said on Tuesday.

Addressing the opening of the two-day Pakistan Minerals Investment Forum at Jinnah Convention Center in Islamabad today, Barrick Gold’s CEO Mark Bristow the Reko Diq project is a key milestone for Barrick Gold and Pakistan.

“I am sure Reko Diq will be the beacon that leads Pakistan into the ranks of the top global mining jurisdictions.”

He added that Reko Diq will be a major contributor to Pakistan’s economy, “and will have a transformative impact on the underdeveloped Balochistan province”.

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He said that in 2022 the reconstitution of Reko Diq project was completed. “Reko Diq today is a 50-50 partnership between the people of Pakistan and Barrick,” he said.

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.

“This mine is set to become one of the lowest-cost copper producers in the world,” he said.

“There is every reason to believe that Reko Diq will still be operating past the end of this century.”

He informed the first production is scheduled to commence in 2028 and targets 240,000 tons of copper per annum and 300,000 ounces of gold per annum.

“It will grow to 400,000 tons per annum of copper and 500,000 per annum of gold during phase two,” he said.

Bristow said that apart from economic benefits, the mine would generate thousands of job opportunities.

“During peak construction, Reko Diq is expected to employ more than 7,500 people. Once in production, it is expected to create approximately 4,000 direct long-term jobs,” he said, adding that Barrick prioritizes local employment.

“I can say confidently that there is still so much more to explore and invest in Pakistan,” said Bristow, adding that his company is still finding porphyry bodies in Reko Diq.

“Reko Diq is just a starter mine, there is lots more to come.”

Bristow said that the Pakistan Minerals Investment Forum marks the commencement of a brand new mining frontier, “which is about to put Pakistan on the world stage when it comes to mining and its potential to compete against countries like Chile, Peru, DRC and Zambia”.

On Monday, Minister for Petroleum Ali Pervaiz Malik announced that the forum is aimed at highlighting the investment potential in Pakistan’s mineral resources and around 300 participants from different countries including Turkiye, China, Azerbaijan, Saudi Arabia, the US, Denmark, Finland, Kenya and the UK are expected at the forum.

The forum will feature important sessions on investment opportunities in major mineral projects, including the Reko Diq mine, and discussions on the government’s policies aimed at boosting the mineral sector.