Islamabad, Jan 21: The Reko Diq copper and gold project will likely yield $74 billion over the next 37 years, according to Barrick Gold CEO Mark Bristow.The estimate is based on consensus long-term prices and highlights the mine’s significant potential to boost Pakistan’s struggling economy.
Production is expected to begin by late 2028, with the first phase set to produce 200,000 tons of copper annually at an estimated cost of $5.5 billion.
The initial phase is anticipated to complete by 2029. A second phase, requiring an additional $3.5 billion investment, aims to double production capacity.
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The cash flow from Reko Diq is expected to yield substantial dividends, royalties, and taxes for Pakistan, whose foreign reserves currently stand at around $11 billion.
The Barrick Gold CEO said development of the project is on track with preliminary work like fencing, accommodation, and surveys already completed. He said the project’s lifespan could be extended through upgrades and expansions in the future.
It bears mentioning that the company holds a 50 percent stake in the project, while the governments of Pakistan and Balochistan collectively own the remaining 50 percent. The mine is considered one of the world’s largest undeveloped copper-gold reserves.
