The Reko Diq copper and gold project in Pakistan is projected to generate approximately $74 billion in free cash flow over the next 37 years, according to Barrick Gold CEO Mark Bristow. In a recent interview, Bristow highlighted the project’s potential to significantly boost Pakistan’s struggling economy, with dividends, royalties, and taxes expected to provide substantial financial benefits to the country.
Barrick Gold, which owns a 50% stake in the Reko Diq mine, considers it one of the world’s largest underdeveloped copper-gold deposits. The remaining 50% is jointly owned by the federal government of Pakistan and the provincial government of Balochistan. The project is expected to play a pivotal role in strengthening Pakistan’s economy, which currently has foreign reserves of just $11 billion.
After years of delays due to a legal dispute that was resolved in 2022, the Reko Diq project is on track to begin production by the end of 2028. The first phase, with an estimated cost of $5.5 billion, will produce 200,000 tons of copper annually and is expected to be completed by 2029. A second phase, costing $3.5 billion, will double production capacity, Bristow revealed.
The mine’s reserves are estimated to last 37 years, but Bristow noted that upgrades and expansions could extend its lifespan significantly.
Development work on the project is progressing steadily, with fencing, accommodation, and surveys already completed. Barrick Gold’s CEO confirmed that the project’s timeline remains on track.
In addition, Saudi Arabia’s Manara Minerals is reportedly considering investing in the Reko Diq mine within the next two quarters, according to Pakistan’s Petroleum Minister Musadik Malik. Executives from Manara visited Pakistan in May last year to discuss acquiring a stake in the project. Malik also stated that Pakistan is in talks with other Gulf countries to explore further mining opportunities.
