Barrick Gold Corporation has taken a step forward to actualising one of the world’s biggest untouched gold and copper deposits as it provisionally arranges $3 billion of funding for the Reko Diq project in Pakistan’s Balochistan province. With construction set to commence in the latter half of the year and production fully in place by 2028, the project is being touted as a game-changer for both the economy of Pakistan and the international mining sector.
The interim finance agreement—headed by the World Bank’s International Finance Corporation (IFC) and supported by US, German, and Japanese state agencies—is the first stage of a $6 billion strategy. The achievement of full development is dependent upon the successful completion of this financing round by the third quarter of 2025. Barrick CEO Mark Bristow also pointed out that this is not only a company milestone but also a national milestone, saying, “Miners are merely custodians of national assets. Our job is to deliver value to all stakeholders.”
A Mine of Untapped Potential
Reko Diq, on the Iran-Afghanistan border in Balochistan, is said to hold more than $70 billion of copper and gold—estimates that can double. Bristow also affirmed Barrick’s agreement to sign an MoU with Mari Energies Ltd to explore nearby mineral properties, which marks further investment into the area.
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Nonetheless, the project is confronted with significant challenges, most notably security issues. The recent attack by Balochistan separatist militants resulted in more than 50 deaths, emphasising the danger of doing business in the troubled province. Bristow remains upbeat, however, citing the generation of 7,500 jobs during the height of construction and 4,000 permanent positions after launch, prioritising local hiring and training.
A Fresh Start After Legal Battles
Pakistan and Balochistan governments hold a 50% stake in the project, acquired after Antofagasta exited following a decade-long legal dispute. Barrick, the world’s second-largest gold miner, has since taken full operational lead and is positioning Reko Diq as part of its broader strategy to focus on ‘tier one’ assets and increase copper production—a metal vital to the global energy transition.
With other interest reportedly on the way from Saudi Arabia’s state-owned Ma’aden to invest in the project, Reko Diq may soon become a regional hub of mining, investment, and development—if Pakistan can ensure the political stability and security required to support it.
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