Global Mining Hub
The Reko Diq copper and gold project is poised to become a major catalyst for Pakistan’s mining sector, with the potential to transform the country into one of the world’s top mining destinations.
Barrick Gold’s CEO, Mark Bristow, made this bold statement on Tuesday, addressing the opening of the Pakistan Minerals Investment Forum at Jinnah Convention Center in Islamabad.
Bristow emphasized that the Reko Diq project marks a key milestone for both Barrick Gold and Pakistan, and he is confident that the project will “be the beacon that leads Pakistan into the ranks of the top global mining jurisdictions.”
According to him, Reko Diq will not only contribute significantly to Pakistan’s economy but will also have a transformative impact on the underdeveloped Balochistan province, where the mine is located.
Reko Diq is a joint venture between Barrick Gold and the governments of Pakistan and Balochistan, each holding a 50% stake in the project. Barrick Gold considers Reko Diq one of the world’s largest underdeveloped copper and gold reserves. In 2022, the reconstitution of the project was completed, making it a 50-50 partnership between the people of Pakistan and Barrick.
Bristow revealed that in 2024, a feasibility study confirmed that Reko Diq has an impressive reserve of 15 million tons of copper and 26 million ounces of gold. He further stated that Reko Diq is set to become one of the lowest-cost copper producers globally.
The first production from the mine is scheduled to begin in 2028, with annual targets of 240,000 tons of copper and 300,000 ounces of gold. The project will grow in scale during its second phase, aiming for 400,000 tons of copper and 500,000 ounces of gold annually.
In addition to its economic benefits, the Reko Diq project is expected to create thousands of jobs. During peak construction, the project will employ more than 7,500 people, with approximately 4,000 long-term jobs once the mine is operational. Barrick prioritizes local employment, ensuring that Balochistan’s residents are among those benefiting from the project.
Bristow also highlighted that Reko Diq is only the beginning of what could be a major mining frontier for Pakistan. He stated, “Reko Diq is just a starter mine, there is lots more to come.” Barrick is continuing to explore the mine, with further discoveries of porphyry bodies, signaling more potential for growth.
The Pakistan Minerals Investment Forum is a critical moment for the country’s mining sector, marking the start of a new chapter in Pakistan’s global mining ambitions.
With countries like Chile, Peru, the Democratic Republic of Congo (DRC), and Zambia as global mining competitors, Bristow believes Pakistan’s mining industry is on the verge of becoming a major player on the world stage.
The forum, which attracts participants from around the globe, aims to highlight the vast investment opportunities in Pakistan’s mineral resources, including Reko Diq, and to discuss policies designed to boost the sector.
With Barrick’s continued investment and the promise of further discoveries, Reko Diq is set to play a pivotal role in reshaping Pakistan’s mining landscape in the years to come.
