Name of the Project
Reko Diq copper/gold project.
Location
Balochistan, Pakistan.
Project Owner/s
Barrick Gold owns 50% of Reko Diq and is developing and will operate the mine. The Balochistan province, which hosts the deposit, has a 25% share and the federal government holds the other 25% through State-owned entities.
Project Description
Reko Diq is one of the world’s biggest undeveloped copper/gold deposits. It will be a multigenerational mine with a life of at least 40 years. The contemplated mine plan is based on four porphyry deposits within Barrick’s land package.
The project is envisaged to be developed in two stages, starting with an initial crush, milling and flotation circuit with a throughput capacity of about 40-million tonnes a year.
Phase 2, which will be built parallel to Phase 1, will add a further 40-million tonnes a year in throughput. There is an opportunity for a Phase 3 expansion.
Potential Job Creation
During peak construction periods, the project will employ 7 500 people and, once in production, will create about 4 000 long-term jobs.
Net Present Value/Internal Rate of Return
Not stated.
Capital Expenditure
Phase 1 is expected to cost $4-billion and Phase 2 $3-billion.
Planned Start/End Date
First production of copper and gold is expected in 2028.
Latest Developments
Saudi Arabia may acquire partial ownership in Reko Diq through an equity purchase with Pakistan’s government, Barrick CEO Mark Bristow has said.
“That’s something that is in the hands of the Pakistan government to come to a decision on,” Bristow has stated.
The company has said that it will support any decision that is made by the Pakistan government with the Saudis. However, Bristow has emphasised that Barrick will not dilute its equity in the project.
Investors and metals producers are actively seeking copper assets worldwide as demand for battery metals continues to grow.
Barrick’s efforts to develop Reko Diq have sparked speculation about potential investors in the project. Bristow noted in September that there is renewed interest from multinational mining firms in venturing into challenging regions, though none have publicly confirmed their investment intentions.
Egyptian gold billionaire Naguib Sawiris, a major investor in gold miners, expressed interest in a stake in Reko Diq in October 2023, but Bristow has dismissed the idea.
“He’s got about two chances of getting a stake in Reko Diq: no chance, and absolutely no chance,” Bristow has said.
Key Contracts, Suppliers and Consultants
None stated.
Contact Details for Project Information
Barrick Gold investor and media relations Kathy du Plessis, tel +44 20 7557 7738 or emailbarrick@dpapr.com.