The Reko Diq copper and gold project is set to be a game-changer for Pakistan’s mining sector, with the CEO of Barrick Gold, Mark Bristow, envisioning it as a “beacon” that will lead Pakistan to become a top contender on the global mining map. Speaking at the Pakistan Minerals Investment Forum in Islamabad, Bristow emphasized that the Reko Diq project is a milestone for both Barrick Gold and Pakistan, marking the start of a transformative journey for the country’s mining industry.
Key Facts About the Reko Diq Project:
- The project is a 50-50 partnership between Barrick Gold and the governments of Pakistan and Balochistan.
- Barrick Gold holds a 50% stake, while the Pakistani government and Balochistan province own the other half.
- The project, considered one of the world’s largest underdeveloped copper-gold deposits, is poised to become one of the lowest-cost copper producers globally.
- A feasibility study conducted in 2024 revealed that the project holds 15 million tons of copper reserves and 26 million ounces of gold.
- The first production is scheduled for 2028, with an annual target of 240,000 tons of copper and 300,000 ounces of gold. Phase two will increase production to 400,000 tons of copper and 500,000 ounces of gold per year.
Bristow highlighted that the Reko Diq mine will not only contribute to Pakistan’s economy but will also have a transformative impact on the Balochistan province, which has long been underdeveloped. The project is also expected to create thousands of jobs, with over 7,500 people employed during peak construction and approximately 4,000 direct long-term jobs once in production. Barrick Gold has emphasized its commitment to prioritizing local employment in the region.
The Pakistan Minerals Investment Forum, which marks the commencement of this exciting new chapter in the country’s mining sector, is also attracting international attention, with participants from countries like Turkiye, China, Saudi Arabia, and the UK. The forum focuses on investment opportunities in major mineral projects like Reko Diq and aims to highlight the government’s policies aimed at boosting the mineral sector.
With the forum bringing together key stakeholders from across the globe, Bristow expressed his confidence in Pakistan’s vast untapped potential, stating that Reko Diq is just the beginning. Barrick Gold is continuing to find new deposits in the area, further solidifying its role in shaping the future of Pakistan’s mining industry.
