ISLAMABAD: Barrick Gold Corporation and Japan’s Komatsu have finalized a $440 million agreement to supply mining equipment to Pakistan’s Reko Diq copper-gold project, with Komatsu also announcing plans to establish a local subsidiary to support operations, the company said on Wednesday.
Reko Diq is one of the world’s largest undeveloped copper and gold deposits, located in Pakistan’s mineral-rich Balochistan province near the volatile border with Iran and Afghanistan. The site is expected to play a key role in boosting Pakistan’s exports, attracting foreign investment, and supporting the country’s long-term energy and industrial needs through its vast copper reserves, which are critical for the global energy transition.
Reko Diq is jointly owned by Barrick (50 percent), Pakistan’s federal government (25 percent), and the Balochistan provincial government (25 percent). Construction is scheduled to begin in 2025, with first production targeted for 2028.
“The Reko Diq project represents a long-term investment in our future and that of mining in Pakistan, and our partnership with Komatsu is an important part of that vision,” Mark Bristow, President and CEO of Barrick, was quoted as saying in the Komatsu statement.
