KARACHI: Barrick Mining Corp. remains committed to its Reko Diq copper mine in Pakistan, one of the world’s largest undeveloped deposits of the metal, its interim CEO said on Tuesday after reports of a possible withdrawal.
The $7 billion project in the remote, insurgency-hit western province of Balochistan is held in an equal partnership between the company and the Pakistani authorities and is expected to start production by the end of 2028. Barrick’s board had raised the possibility of splitting the company’s assets, which could include an outright sale of the Reko Diq mine and the company’s African assets, Reuters reported this month, citing sources familiar with the company’s thinking.
“Barrick remains committed to the Reko Diq project and to Pakistan,” Mark Hill told Reuters.
SECURITY, SCALE, STAKE
Balochistan suffers frequent attacks by separatists, making security a major concern for the mine. The project also requires a railway line upgrade to transport copper concentrate to Karachi for processing abroad.
