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November 27, 2025
Barrick Mining Corp has reiterated its complete dedication to the $7bn Reko Diq copper-gold project by countering speculation of an exit amid reports of internal restructuring in the company. It has asserted that the project remained a strategic priority, while Pakistani stakeholders, including OGDC, have also reassured investors that the venture faces no impact.
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Barrick Mining Corporation has denied speculation that it might divest overseas assets, reaffirming the development of the multi-billion-dollar Reko Diq copper-gold project in Balochistan. During an interview with Reuters, interim CEO Mark Hill reportedly said that Barrick remains committed to the Reko Diq project and to Pakistan.
The reassurance comes weeks after reports that the company’s board had discussed the possibility of splitting its portfolio, potentially spinning off assets in higher-risk jurisdictions such as Pakistan and Africa. Some shareholders reportedly believe this exposure has weighed on Barrick’s valuation relative to its North American operations, especially amid rumors of takeover interest.
Reko Diq is a 50-50 joint venture between Barrick and the government of Pakistan, one of the largest upcoming mining developments in the world. Production is expected in 2028, and the project added 13 million ounces to Barrick’s gold reserves; it is projected to produce 200,000 metric tons of copper annually in its first phase, doubling after expansion. Over its 37-year life, it is forecast to generate more than $70 billion in free cash flow.
Financing efforts are underway, with IFC and the Asian Development Bank arranging more than $2.6 billion. OGDC has also assured the investors that Barrick’s internal deliberations have “no impact” on the progress of the project.
