Mark Bristow, CEO of Barrick Gold, declared on Tuesday that the Reko Diq copper and gold project has the potential to catapult Pakistan into the global mining spotlight, serving as a “beacon” for the country’s future. Speaking at the Pakistan Minerals Investment Forum, Bristow underscored the project’s significance, not just for Barrick Gold but for Pakistan’s economic growth and global standing in the mining industry.
Bristow expressed strong optimism that Reko Diq would position Pakistan among the world’s leading mining jurisdictions, offering transformative development opportunities, particularly for the Balochistan region. He highlighted the strategic 50-50 partnership between the people of Pakistan and Barrick Gold in the restructured 2022 project, emphasizing its potential to become one of the world’s largest undeveloped copper and gold reserves, which will have a profound economic impact on the country.
The CEO also revealed that the 2024 feasibility study had been completed, detailing impressive reserves of 15 million tons of copper and 26 million ounces of gold. With these reserves, Reko Diq is poised to be a low-cost global copper producer, with production expected to begin in 2028. In its initial phase, the project will aim to produce 240,000 tons of copper and 300,000 ounces of gold annually, with plans for scaling up in the following phases.
Apart from the financial benefits, Bristow emphasized the job creation potential of the project, which is expected to provide thousands of positions during construction and approximately 4,000 long-term jobs. Barrick Gold has committed to prioritizing local hiring, benefiting the community and the province.
Bristow also noted that Reko Diq is only the beginning, pointing to significant untapped exploration potential within Pakistan. He concluded that the forum marks the start of a new mining era for the country, setting the stage for Pakistan to compete with other major global mining players.
Earlier, Pakistan’s Minister for Petroleum, Ali Pervaiz Malik, highlighted the forum’s goal of attracting international investment by showcasing Pakistan’s mineral opportunities. The event saw participation from around 300 stakeholders from various countries, all discussing projects like Reko Diq and government policies aimed at boosting the sector.
