Mining giant Barrick Gold approves plan for copper-gold project in Pakistan: Bloomberg

Canadian mining giant Barrick Gold Corporation has provisionally approved plans to develop a vast copper-and-gold project in Pakistan, and expects to sign a $3 billion funding package for the mine in the third quarter, reported Bloomberg.

As per the report, financing for the Reko Diq project is led by the World Bank’s International Finance Corporation (IFC), with participation from state funding agencies in the US, Germany, Japan and others, Mark Bristow, CEO of Barrick Gold, told Bloomberg.

The company said earlier that its partners i.e. the governments of Pakistan and Balochistan have provisionally signed off on the first phase of Reko Diq’s development, with major works set to start this year, ahead of targeted first production in 2028.

“The $6 billion plan is contingent on securing the finance package,” the company said.

Bloomberg reported that Barrick is also considering further exploration in the region, and has signed a memorandum of understanding (MoU) with Pakistan’s Mari Energies Ltd. covering two mineral properties adjoining Reko Diq.

Reko Diq: CEO declares project as ‘beacon’ for nation

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 on Tuesday, Bristow said that the Reko Diq copper and gold project would become a “beacon that leads Pakistan” on the global mining map.

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”.

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.