ISLAMABAD – Barrick Mining Corp has reiterated its commitment to the Reko Diq copper mine in Balochistan, Pakistan, following recent reports suggesting a potential withdrawal from the project. The mine, one of the world’s largest undeveloped copper deposits, is a $7 billion joint venture between Barrick and the Pakistani government.
Read More: Barrick Mining considers splitting into two entities
The project, expected to commence production by the end of 2028, faces security challenges due to frequent terrorist attacks in Balochistan. It also requires upgrades to the regional railway to transport copper concentrate to Karachi for processing abroad. Despite these challenges, Barrick’s interim CEO, Mark Hill, told Reuters, “Barrick remains committed to the Reko Diq project and to Pakistan.”
Barrick has reaffirmed its full commitment to the $7b Reko Diq copper-gold project, countering speculation about a potential asset split. Interim CEO Mark Hill told Reuters that the project remains a priority, with the first production planned for 2028. Lenders, including IFC and… pic.twitter.com/rqXcOHBjg3
— Adeel Afzal (@AdeelAfzal06) November 26, 2025
Recent reports indicated that Barrick’s board is considering splitting company assets, which could include a sale of the Reko Diq mine along with its African holdings. However, lenders including the International Finance Corporation and the Asian Development Bank are arranging a financing package exceeding $2.6 billion, underlining the project’s long-term viability.
Reko Diq Mining Company (RDMC), operated under Barrick Mining Corporation, organized a Local Supplier Outreach event in Nokundi aimed at strengthening engagement with vendors and businesses from District Chagai. The initiative is part of RDMC’s long-term commitment to building a… pic.twitter.com/B7mvDLcc1e
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The Reko Diq project contributed 13 million ounces to Barrick’s gold reserves in 2024 and is projected to produce 200,000 metric tonnes of copper annually in its first phase, with output expected to double after expansion. The mine’s free cash flow over 37 years is forecast to exceed $70 billion, highlighting its strategic importance to both Pakistan and Barrick.
Read More: Barrick considers two-entity split, eyes Reko Diq sale
Barrick returned to Pakistan in 2022 after resolving a long-running legal dispute, making Reko Diq a flagship investment in the country’s minerals sector. The project is central to Pakistan’s efforts to attract foreign capital while providing Barrick with one of its largest long-term growth opportunities. Some shareholders and board members have expressed concerns about risk exposure in Pakistan and Africa, but the company has affirmed its commitment to the venture.