Islamabad, Aug 12, 2025: Barrick Mining is actively seeking up to $3.5 billion in financing from the United States and other international financiers to advance the enormous Reko Diq copper and gold mining project located in Balochistan, Pakistan. This move comes after a previous funding agreement with Saudi Arabia fell through.
According to Barrick CEO Mark Bristow, the company is assembling a “G7-country financing consortium” to support the $9 billion development of Reko Diq, as reported by the Financial Times.
The anticipated funding partners include major global financial entities such as the World Bank’s International Finance Corporation (IFC), the US Export-Import Bank and Development Finance Corporation, the Asian Development Bank, as well as institutions from Germany, Canada, and Japan.
“There is significant global interest in supporting Pakistan through this project,” Bristow stated, emphasizing that Reko Diq has put the region under an international spotlight. Barrick recently announced a 33% rise in net profits, reaching $811 million in Q2 2025, driven by record gold prices.
The initial phase of the Reko Diq mine development is projected to cost approximately $6.6 billion, with production slated to start by 2028. Ownership is split evenly, with Barrick holding a 50% stake and the Pakistani federal and provincial governments sharing the rest.
Both Barrick and Pakistan plan to invest between $1.5 billion and $1.8 billion each, with the remainder—estimated between $3 billion and $3.5 billion—expected to come from international lending sources.
Bristow described the partnership as ideal: “Pakistan is investing alongside us equally. We bring operational expertise, and the project will be backed by international limited-recourse financing.
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” The recent pivot to alternative financiers follows unsuccessful negotiations with Saudi Arabia’s Manara Minerals, which aimed to acquire up to 20% of the venture. Barrick clarified it is not mediating between Saudi and Pakistan entities, despite previous discussions involving Saudi Arabia’s Public Investment Fund.
The Reko Diq financing effort aligns with a broader global race to secure critical minerals essential for energy infrastructure and defense industries. The mine is poised to produce substantial amounts of copper concentrate, a vital component for green technologies and military applications.
Bristow pointed out that if the US government provides funding, it might secure preferential access to copper concentrate output. However, a major hurdle remains: the US currently lacks adequate domestic smelting capacity to convert the concentrate into refined metal.
“The US faces a smelting capacity shortage; existing facilities are fully committed,” he said, underscoring the need for expanding smelting infrastructure to lessen dependence on Chinese metal imports.
Securing critical minerals has become a strategic priority for the US and allied nations, with previous US administrations emphasizing the importance of reliable supply chains. Given its scale and resource potential, the Reko Diq project could be a cornerstone of this strategy.
Separately, Bristow commented on the gold market, noting the World Gold Council’s wait for clarity from the US on possible tariffs affecting gold bars. He reassured that mining companies remain “price takers” and that such tariffs are unlikely to disrupt their operations significantly.
Ultimately, the Reko Diq financing initiative represents a major opportunity for Pakistan to attract international investment and harness its vast mineral wealth, paving the way for economic growth and resource development.
