Security review enters final stage, Barrick advances $70 billion Reko Diq project with unchanged 2028 first-phase target
- A senior executive from Barrick Gold Corporation stated on Wednesday that the company is in the final stage of reviewing security arrangements for the Reko Diq copper-gold project with local law enforcement agencies in Pakistan, while also working with the government to streamline the procurement process. This project is one of the world’s largest undeveloped copper-gold deposits, valued at approximately 70 billion USD. Previously, Barrick’s Executive Chairman John L. Thornton recently led a delegation to Pakistan to assess project progress and discuss financing, equipment procurement, and security measures.
- From the context, this security assessment follows Barrick’s announcement in February this year to review all aspects of the project due to a deteriorating security environment and increased armed activity. A coordinated attack at the end of January raised concerns over the operating environment in Balochistan. Ahmed Hayat Lak, Managing Director of Pakistan’s state-owned Oil and Gas Development Company, indicated that the project site is currently safe from security threats, but additional measures could further enhance protection. International lenders, after conducting their own assessments, have expressed confidence in the existing security arrangements, and more financiers have shown interest in participating.
- The project will be developed in two phases: Phase one aims for an annual ore processing capacity of 45 million tonnes starting in 2028, with phase two expanding capacity to 90 million tonnes by 2034. Over its lifecycle, the project is expected to generate about 70 billion USD in free cash flow and 90 billion USD in operating cash flow. Barrick holds a 50% stake, while the federal government of Pakistan and the government of Balochistan each hold 25%. Both parties are still discussing procurement of heavy mining equipment through a competitive bidding process. According to the agreement, security responsibility lies with the host country, the Government of Pakistan.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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