The Reko Diq copper and gold project is set to become a key asset for Pakistan, according to Barrick Gold’s CEO Mark Bristow, who spoke at the opening of the Pakistan Minerals Investment Forum in Islamabad. Bristow described the project as a pivotal milestone for both Barrick Gold and Pakistan, stating that Reko Diq will serve as a “beacon” leading the country to the forefront of the global mining industry.
Addressing attendees at the two-day forum held at the Jinnah Convention Center, Bristow expressed confidence that the Reko Diq project would significantly elevate Pakistan’s position on the global mining map. He emphasized that the mine is expected to contribute substantially to Pakistan’s economy, especially by transforming the underdeveloped Balochistan province where the project is located.
Reko Diq: A 50-50 Partnership Between Pakistan and Barrick Gold
The Reko Diq project, which has been a topic of intense focus and development, is now a 50-50 partnership between Barrick Gold and Pakistan. The Pakistani government and the Balochistan provincial government hold the remaining 50% stake in the mine. Barrick Gold has long viewed Reko Diq as one of the largest untapped copper and gold resources globally, and the development of this mine is poised to have a profound impact on Pakistan’s economy, which has faced significant challenges in recent years.
In 2022, the reconstitution of the Reko Diq project was finalized, paving the way for this landmark collaboration between the global mining giant and Pakistan. Bristow noted that, with the completion of the feasibility study in 2024, it was confirmed that Reko Diq holds vast resources, including 15 million tons of copper reserves and 26 million ounces of gold. The project is anticipated to become one of the lowest-cost copper producers in the world, enhancing Pakistan’s competitiveness in global mineral markets.
Production Timeline and Economic Impact of Reko Diq
Bristow outlined the timeline for the Reko Diq project, stating that production is slated to begin in 2028, with initial annual production targets of 240,000 tons of copper and 300,000 ounces of gold. In phase two, these numbers are expected to increase to 400,000 tons of copper and 500,000 ounces of gold annually, cementing Reko Diq as a major contributor to Pakistan’s mining sector.
Beyond the direct economic benefits of copper and gold production, the Reko Diq project is expected to create thousands of job opportunities for Pakistanis. During the peak construction phase, over 7,500 people are expected to be employed, while once the mine enters production, around 4,000 direct long-term jobs will be created. Barrick Gold has emphasized its commitment to prioritizing local employment, ensuring that the economic benefits of the mine reach the surrounding communities.
Exploration and Investment Potential Beyond Reko Diq
While the Reko Diq mine itself holds great promise, Bristow indicated that it is just the beginning of what could become a vast and growing mining sector in Pakistan. He highlighted that Barrick Gold is continuing to explore new resources in the region, with new porphyry bodies being discovered at the site. Bristow confidently declared, “Reko Diq is just a starter mine, there is lots more to come,” signaling that this project could lead to even greater opportunities for exploration and investment in the future.
This sentiment was echoed by Bristow’s remarks on the broader mining potential in Pakistan. He praised the Pakistan Minerals Investment Forum as a crucial step toward establishing Pakistan as a major player in the global mining industry. He noted that the forum marks the beginning of a new mining frontier, one that could position Pakistan to compete with established mining giants like Chile, Peru, the Democratic Republic of the Congo (DRC), and Zambia.
Global Investment Interest and the Forum’s Role in Highlighting Opportunities
The Pakistan Minerals Investment Forum, which brings together industry leaders, investors, and policymakers, is a key platform for showcasing the country’s mineral resources. Around 300 participants from various countries, including Turkey, China, Azerbaijan, Saudi Arabia, the US, Denmark, Finland, Kenya, and the UK, are expected to attend the forum. Minister for Petroleum Ali Pervaiz Malik highlighted the forum’s role in attracting international investment to Pakistan’s mining sector and promoting the country’s mineral resources to a global audience.
The forum is also focused on highlighting investment opportunities in major mineral projects, including Reko Diq, and discussing government policies designed to support the growth of the sector. As the world’s mining industry faces increasing demand for raw materials, especially copper and gold, Pakistan’s abundant resources and the development of projects like Reko Diq offer significant potential for foreign investors looking to diversify their portfolios.
A Transformative Project for Pakistan’s Economy and Balochistan
The Reko Diq copper and gold project is more than just a mining venture; it represents a transformative opportunity for Pakistan, particularly for the Balochistan region, which has historically faced economic challenges. The project is expected to stimulate local economies, create long-term employment opportunities, and contribute to infrastructure development in the area. As a result, Reko Diq could play a crucial role in driving Pakistan’s economic growth, while helping to alleviate poverty and promote regional development.
With global demand for copper and gold showing no signs of slowing, the Reko Diq mine stands to become one of the world’s leading low-cost producers of these vital minerals. The strategic partnership between Barrick Gold and Pakistan, along with the country’s growing reputation as a mining destination, is set to position Pakistan as an emerging mining powerhouse in the years to come.
Conclusion: A Bright Future for Pakistan’s Mining Sector
The Reko Diq project is poised to be a game-changer for Pakistan’s mining industry, and its impact is expected to be felt across the country, particularly in the underdeveloped province of Balochistan. As Barrick Gold continues to explore further investment opportunities in the region, Pakistan’s mining sector is on the cusp of significant growth. With the successful development of Reko Diq, Pakistan is set to become a leading player in the global mining market, offering promising opportunities for both local and international investors.
