https://arab.news/57tpc
- The development comes a month after Barrick announced slowing down work on the project amid a security review
- The gold-copper project, expected to begin production in 2028, is central to Pakistan’s hopes of boosting mineral exports
ISLAMABAD: Barrick Mining Corporation has reaffirmed its commitment to the Reko Diq gold-copper project in Pakistan’s insurgency-hit Balochistan province, the country’s information ministry said on Sunday, months after the mining firm announced a security review of the project.
The project, previously expected to begin production in 2028, is central to Pakistan’s hopes of boosting mineral exports and attracting foreign investment into its underdeveloped mining sector. Despite heightened threats in Balochistan, development linked to the project continues in other parts of the country.
In Feb., Barrick had announced that it was reviewing all aspects of the project in light of the escalation of security risks and increased attacks in Balochistan. The company said in April it will slow down development of the copper-gold project and continue its security review through mid-2027.
Pakistan’s information ministry said on Sunday that Petroleum Minister Ali Pervaiz Malik met with Barrick Chairman John L. Thornton to review progress and discuss future steps regarding the project, with both sides exchanging views on the “development of the project.”
“Malik highlighted the strategic significance of the project for Pakistan’s economic growth and mineral sector development.
He stated that Reko Diq is a flagship national project that will play a key role in attracting investment, generating employment opportunities, and accelerating socio-economic development in Balochistan,” the ministry said.
“Thornton reaffirmed Barrick’s commitment to the project and appreciated the Government of Pakistan’s continued support in advancing the initiative. Both sides agreed to maintain close coordination to achieve key milestones.”
The Reko Diq gold and copper project in the region is owned 50 percent by Barrick, 25 percent by three Pakistani federal state-owned enterprises and 25 percent by the provincial government of Balochistan.
Barrick’s announcement o a security review had followed coordinated attacks by separatist militants, who stormed schools, banks and security installations, killing nearly 50 people in several districts across the mineral-rich province.
In April, the mining firm said there could be significant increases to the previously disclosed total estimated capital budget and timeline for the project.
The previously disclosed total estimated capital cost of Reko Diq Phase 1 was between $5.6 billion and $6.0 billion, and of Phase 2 was between $3.3 billion and $3.6 billion, with first production targeted by the end of 2028.