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Barrick Gold CEO "Super-Excited" About Reko Diq Copper-Gold Mine Development in Pakistan
Barrick Gold CEO Mark Bristow says he’s “super excited” about the company’s Reko Diq copper-gold development in Pakistan. Speaking about the Pakistani mining project at a conference in the US State of Colorado, the South Africa-born Bristow said “This is like the early days in Chile, the Escondida discoveries and so on”, according to Mining.com, a leading industry publication. "It has enormous upside potential". He was referring to Pakistan’s untapped discovery potential. Escondida was the first discovery of copper in Chile which is now the world's largest producer and exporter of copper. Last year, the South American country exported nearly $20 billion worth of copper.
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| Barrick Gold CEO Mark Bristow in Balochistan, Pakistan. Source: Que... |
“Copper has no substitutes,” Bristow continued. “It is as strategic as gold is precious, and we’re bringing new copper projects online just as the supply squeeze hits.” Comparing Reko Diq to Escondida, he said "walking across, there's more than one porphyry, significantly more than one, it's a real endowment for the people of Balochistan and greater Pakistan". "It (Reko Diq) is world class, a gold mine on its own and a copper mine on its own". He expects a peak of 10,000 jobs during construction and 5,500-6,000 direct jobs to operate the Reko Diq mine afterwards. It will also create a lot of indirect job opportunities in the supply chain. "We are going to demonstrate (in Balochistan) that you can do something transformatory, both socially and economically".
Interest in developing Pakistan's Reko Diq copper and gold mines has grown with widening gap between demand and supply of the metals. Dennis Mark Bristow, CEO of the Canadian mining giant Barrick Gold Corporation, has said the Reko Diq mining project in Balochistan province is “absolutely on track” and would be able to begin production by 2028, according to news reports. Bristow said Reko Diq is an “enormous project” in which the company would be investing $10 billion.
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| Growing Copper Supply-Demand Gap |
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| Clean Energy Driving Global Copper Demand. Source: IEA Via Nikkei |
New infrastructure development is underway to connect Reko Diq with the national highway network. Barrick is building a link road to connect the mining project site with N-40 Quetta-Taftan national highway. Barrick chief says the company looks at the project as a “multi-generational investment,” adding that it wants all children under the age of 10 in the Reko Diq region to be in school by the end of 2024. Similar infrastructure projects to support coal mining in Thar desert have brought socioeconomic improvements and human development for the local villagers.
Barrick is developing local Balochi human capital trained in modern mining. Dozens of selected candidates, including women, are undergoing an intensive two-year on-the-job training program at Barrick’s mine sites at of Veladero in Argentina and Lumwana in Zambia. This hands-on experience is designed to equip them with practical skills and insights into world-class mining operations. Upon completion of the program, graduates typically return to Barrick operations in their home country, contributing to driving positive change in their communities, according to Barrick Gold.
The Reko Diq project is expected to employ thousands of workers during and after completion. Barrick has interviewed over 3,000 applicants from universities across Pakistan and selected 9 Baloch citizens, four women and five men, according to Bristow. “And they are now working on our mines in Argentina and they will go through a program of development and gaining experience from all our different operations around the world,” Bristow said, saying 30 such graduates would be employed in training programs with the company by the end of the year. By Jan-Feb next year (2025), he said, 1,200 people would be employed, which would increase to 6,000 by 2026. “By the time we peak production, we will have employed 10,000 people,” Bristow told Arab News.
Canadian mining giant Barrick Gold Corporation and the governments of Pakistan and Balochistan reached a deal to restart the Reko Diq mining project back in March 2022 on former Prime Minister Imran Khan's watch. Reko Diq is the world's 4th largest undeveloped copper-gold porphyry deposit with over 14 million tons of copper (worth $142 billion at $9,464 per ton) and 21 million ounces (worth $50 billion at $2,367 per ounce) of gold.
The project was abandoned in 2011 after a Pakistan Supreme Court bench headed by former Chief Justice Iftikhar Chaudhry canceled the mining license granted to Tethyan Copper Company (TCC), a joint venture between Canada's Barrick Gold and Antofagasta Minerals of Chile. TCC challenged the cancellation in the International Centre for Settlement of Investment Dispute (ICSID). On July 12, 2019, the ICSID Tribunal awarded TCC $5.894 billion plus interest of $700,000 per day in damages against Pakistan. As of 1 March 2022, the award stood at $6.5 billion. The new agreement between Barrick Gold Corporation and the governments of Pakistan and Balochistan does away with this award. It also increases the share of the project owned by Pakistan from 25% to 50%, brings in $10 billion investment, the largest single investment in the country, and creates 8,000 jobs. Reko Diq is part of the Tethyan metallogenic belt (TMB) that extends from the Balkans in Europe to Pakistan including Serbo-Macedonian, Anatolian, Takab, Kerman and Chagai metallogenic belts. It is believed to be rich in copper and gold deposits.
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Comment by Riaz Haq on September 11, 2025 at 8:13pm
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Reko Diq project cost rises to $7.7bn, rail link financing planned - Profit by Pakistan Today
https://profit.pakistantoday.com.pk/2025/09/10/reko-diq-project-cos...
Revised $7.7bn plan includes $350m rail link loan for Port Qasim access, with mining to start in 2025 and full production by 2028, positioning Reko Diq as Pakistan’s biggest mineral venture.
ISLAMABAD: The cost of Pakistan’s flagship Reko Diq gold and copper mining project has increased by $1 billion to $7.7 billion following approvals by the boards of Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), and Government Holdings Private Limited (GHPL).
The approvals were granted during the companies’ annual general meetings on Wednesday, where shareholders endorsed the revised financial plan. The rise from the earlier $6.7 billion estimate reflects surging global construction costs, lingering supply chain challenges, and additional infrastructure requirements in Balochistan’s rugged terrain. Despite the escalation, stakeholders reaffirmed their commitment to the project, calling it vital for Pakistan’s mineral sector and foreign exchange earnings.
A source privy to the development confirmed the revised figure but noted that the $7.7bn includes contingencies that may not fully materialise, adding that the actual cost could remain closer to $7bn.
The meetings also discussed a financing arrangement through the Reko Diq Mining Company (RDMC) to provide $350 million to Pakistan Railways for the construction of a dedicated railway line connecting the mine to Port Qasim. The funding, to be extended as a loan under a sovereign guarantee from the federal government, will form part of the Main Line-III (ML-3) project. Pakistan Railways would be required to complete the railway track within three years to ensure timely mineral transport.
Mining activity at Reko Diq is scheduled to begin before the end of 2025, with commercial production expected by 2028. Over its projected lifespan, the project is anticipated to generate about $90 billion in revenues, making it one of the most significant mining ventures in Pakistan’s history.
Industry sources said the simultaneous approval of the revised financial plan and the commitment to rail financing marked an important milestone in moving the long-delayed project towards execution. They added that the railway link would address a critical logistical challenge while reducing immediate fiscal pressure on the federal government.
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Chinese companies and major Pakistani business groups have secured mining leases for #copper, #gold, and other minerals in #Pakistan’s southwest, expanding activity beyond #Canada’s Barrick Mining Corporation and signalling broader development of the sector, The Express Tribune reported, citing a senior port executive involved in export planning.
Sharique Azim Siddiqui, chief executive officer of Pakistan International Bulk Terminal Limited (PIBTL), said the terminal has been contracted to export minerals worth more than $5 billion in phases from the #RekoDiq project, with additional mining ventures emerging across the mineral-rich belt of #Balochistan.
He said Chinese firms and large Pakistani business houses have acquired mining leases in the region, while Reko Diq remains the most advanced project.
Last week, Reko Diq Mining Company, a subsidiary of Barrick, signed a port access agreement with PIBT to export copper and gold concentrate through Pakistan’s first dirty bulk cargo terminal at #PortQasim starting in 2028
https://profit.pakistantoday.com.pk/2026/02/07/chinese-firms-pakist...
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Pakistan is aggressively exploring untapped mineral reserves estimated at over \(\$6\) trillion, focusing on critical minerals like lithium, cobalt, nickel, and rare earths. With Saudi Arabia and China investing in mining leases and infrastructure, the country aims to transform into a key global supplier for clean energy and technology sectors. Key areas and developments "Beyond Reko Diq" include: Mineral Diversity: Significant deposits of chromium, manganese, zinc, antimony, and rare earth elements are attracting investment for applications in electric vehicles, batteries, and defense technologies.Geographical Focus: While Reko Diq is in Balochistan, broader, accelerated exploration is occurring across Pakistan, specifically aiming at under-surveyed regions to unlock diverse mineral wealth.Infrastructure & Investment: The World Bank is involved in financing infrastructure to support these projects, with \(2\) billion annual investments aimed at enhancing mining logistics and, for example, revamping the coal terminal in Port Qasim for exporting, as highlighted by Reuters and Bhaskar English.Strategic Partnerships: The sector is shifting toward joint ventures with international partners, including Gulf countries and Chinese firms. Despite the potential, the mining sector faces challenges from a precarious security situation in mineral-rich areas, according to The Times of India.
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