Barrick Gold Corp. has conditionally approved plans to develop the massive Reko Diq copper-and-gold project in Pakistan and expects to finalize a $3 billion financing package in the third quarter.
The funding, led by the World Bank’s International Finance Corp. (IFC), includes support from state agencies in the U.S., Germany, Japan, and other countries, CEO Mark Bristow announced Tuesday in Islamabad. The project, a key investment in Pakistan’s mining sector, is set to boost the country’s economy and strengthen its mineral resource development.
Barrick is also exploring expansion opportunities in the region, having signed a memorandum of understanding with Pakistan’s Mari Energies Ltd. to assess two mineral properties near Reko Diq. The company remains committed to long-term investments in Pakistan, aiming to unlock further potential in the mineral-rich area.
Reko Diq, one of the world’s largest undeveloped copper-gold deposits, is expected to significantly contribute to global supply once operational. Barrick’s progress marks a major milestone for Pakistan’s mining industry.
