Barrick Gold in Talks to Raise $2 Billion for Pakistan’s Reko Diq Project


Canadian mining company Barrick Gold is engaged in discussions with the International Finance Corporation and other agencies to secure at least $2 billion for the initial phase of Pakistan’s Reko Diq copper project, CEO Mark Bristow informed Reuters.

The Reko Diq project, in which Barrick holds a 50% stake, is anticipated to cost $5.5 billion for its first phase. This project, co-owned 50% by the Pakistan government, represents one of the world’s significant untapped copper mines.

Saudi Arabia is negotiating to purchase a portion of Pakistan’s stake in the project, with Barrick expressing openness to involve Saudi Arabia’s wealth fund, Public Investment Fund (PIF), as a partner.

Despite the recent $39 billion takeover offer from BHP to Anglo American, Barrick has no intention of bidding for Anglo American and is focused on developing its own copper portfolio.

Additionally, regarding Barrick’s gold mine in Mali, assurances have been received from the junta-led government regarding the security of its assets amidst discussions over potential changes to mining laws.

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