Barrick committed to Pakistan’s Reko Diq copper project, says interim CEO

Barrick Mining Corp remains committed to its Reko Diq copper mine in Pakistan, one of the world’s largest undeveloped deposits of the metal, its interim chief executive said on Tuesday after reports of a possible exit. The $7 billion project in Balochistan is being carried out in equal partnership between the company and the Pakistani authorities and is expected to start production by the end of 2028.

Barrick’s board had raised the possibility of a break-up of the company’s assets, which could include an outright sale of the Reko Diq mine and the company’s African assets, Reuters reported this month, citing sources familiar with the company’s thinking.

“Barrick remains committed to the Reko Diq project and in Pakistan,” Mark Hill told Reuters. Lenders such as the International Finance Corporation and the Asian Development Bank, among others, are putting together a financing package that exceeds $2.6 billion.

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The Reko Diq project added 13 million ounces to Barrick’s gold reserves in 2024 and is expected to produce 200,000 metric tons of copper per year in its first phase, doubling upon expansion, with projected free cash flow of more than $70 billion over 37 years.

Barrick’s remarks underscore the importance of Reko Diq to both Pakistan and the company, with Islamabad counting on the mine to solidify its minerals strategy as the Canadian miner moves forward with one of its biggest long-term projects.

Sources familiar with the company’s thinking told Reuters this month that board members and some shareholders are concerned that exposure to riskier assets in Pakistan and Africa could weigh on Barrick’s valuation compared to its safer North American operations, particularly under any potential takeover interest.

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Barrick returned to Pakistan in 2022 after a years-long legal dispute was settled, and the mine has since become a flagship investment for the country as it seeks to raise more capital in its minerals sector.

Earlier in the day, the management of Oil and Gas Development Company Limited (OGDC) also dismissed media speculation about Barrick Gold’s reported corporate restructuring, assuring investors that the changes would have no impact on the Reko Diq project in Pakistan. This was shared during a corporate briefing held on November 24, 2025, attended by brokerage Topline Securities, as noted in a report.

“Regarding the Barrick corporate breakup, management stated that this was media speculation and Barrick assured them that Reko Diq remains a priority asset. Furthermore, given the parties involved, any corporate restructuring is not expected to affect the project,” the report said.