The Reko Diq copper-gold project in Pakistan will generate about $74 billion in free cash flow over the next 37 years, according to Mark Bristow, CEO of Barrick Gold, which owns 50% of the mine.
The remaining 50% is owned by the Pakistani government and the Balochistan province. Barrick sees the mine as one of the world’s largest undeveloped copper-gold areas, with its development set to have a significant impact on Pakistan’s economy.
The project, which was delayed by a lengthy dispute that ended in 2022, is expected to begin production by the end of 2028. In the first stage, it will produce 200,000 tons of copper per year, and its estimated cost will be $5.5 billion.
The first stage is planned to be completed by 2029, Mark Bristow told Pakistani media outlet Dawn News. The second stage, estimated to cost $3.5 billion, will double production, he added. The mine’s reserves are estimated to last for 37 years, but due to modernization and expansion, it can be developed for much longer, the CEO is convinced.
He added that the project is on schedule, fencing, placement and surveys have already been completed.
Earlier, Pakistani State Oil Minister Musadiq Malik said that Saudi mining company Manara Minerals may invest in Reko Diq mine in the next six months. Manara executives visited Pakistan in May last year for talks on buying a stake in the project.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
