ISLAMABAD: Barrick Gold’s CEO, Mark Bristow, declared on Tuesday that the Reko Diq copper and gold project has the potential to elevate Pakistan onto the global mining stage, acting as a “beacon” for the nation.
Speaking at the opening of the Pakistan Minerals Investment Forum, Bristow emphasised that the Reko Diq venture represents a significant milestone for both Barrick Gold and Pakistan.
He expressed confidence that the project would propel Pakistan into the ranks of leading global mining jurisdictions and significantly contribute to the country’s economy, particularly, fostering transformative development in the Balochistan province.
Barrick CEO speaks about Reko Diq mine: $74bn in free cash flow likely over 37 years
Bristow highlighted the 50-50 partnership between the people of Pakistan and Barrick Gold in the reconstituted 2022 project, noting its immense potential as one of the world’s largest undeveloped copper-gold areas with a substantial impact on Pakistan’s economy.
He revealed the completion of the 2024 feasibility study, outlining reserves of 15 million tons of copper and 26 million ounces of gold, positioning the mine as a future low-cost global copper producer with an operational lifespan potentially extending beyond this century.
Production is slated to begin in 2028, targeting initial outputs of 240,000 tons of copper and 300,000 ounces of gold, eventually scaling up in a second phase.
Beyond economic advantages, the project is expected to generate thousands of jobs during construction and approximately 4,000 long-term positions, with Barrick prioritising local hiring.
Bristow also suggested significant untapped exploration potential within Pakistan, calling Reko Diq “just a starter mine.”
He concluded by stating that the forum marks the beginning of a new mining era for Pakistan, enabling it to compete with major mining nations.
Earlier, Minister for Petroleum Ali Pervaiz Malik announced the forum’s objective to showcase Pakistan’s mineral investment opportunities, attracting around 300 participants from various countries to discuss projects such as Reko Diq and government policies to boost the sector.
Copyright Business Recorder, 2025
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