Barrick Seeks $3.5 Billion Global Financing for Reko Diq

Barrick Mining Corporation is seeking up to $3.5 billion in financing from U.S. and global lenders to advance the Reko Diq copper-gold mining project in Baluchistan. The move comes after the collapse of earlier funding talks with Saudi Arabia. CEO Mark Bristow stated that the financing effort is aimed at creating a “G7-country financing package,” with potential contributions from multilateral development banks, export credit agencies, and government-backed lenders across Asia, Europe, and North America.

The Reko Diq project, with an estimated total investment of $9 billion, is considered one of the largest undeveloped copper-gold reserves in the world. The first production phase is scheduled for 2028 and is expected to cost approximately $6.6 billion. The financing structure envisions a 50–50 equity split between Barrick and the Government of Pakistan, each contributing $1.5–1.8 billion, with the remaining capital sourced internationally.

According to Mark Bristow, Barrick’s chief executive, “There is a lot of interest to support Pakistan,”. As once operational, Reko Diq has the potential to position Pakistan as a major global supplier of critical minerals, creating thousands of jobs, boosting exports, and generating significant revenue.

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