Barrick Gold seeks funds for Pakistan's Reko Diq mine: CEO

MG News | May 02, 2024 at 10:40 AM GMT+05:00

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May 02, 2024 (MLN): Barrick Gold’s CEO Mark Bristow on Wednesday said that they are betting on developing the Reko Diq copper project in Pakistan, where it holds a 50% stake.

According to the estimates quoted by Mark Bristow, the first phase of the project is expected to cost $5.5 billion.

He further disclosed that Barrick is in talks with the International Finance Corporation and other agencies to raise at least $2bn for this first phase.

It is crucial to note that Pakistan also owns a 50% stake in Reko Diq, one of the biggest to-be-developed copper mines globally.

As per certain reports, Saudi Arabia is in talks to buy part of the stake from the Pakistan government.

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