Barrick Mining Corp has reaffirmed its commitment to the Reko Diq copper and gold project in Balochistan, Pakistan, amid reports of a potential corporate withdrawal or asset sale. The $7 billion project, held in equal partnership with Pakistani authorities, is one of the world’s largest undeveloped copper deposits and is expected to begin production by the end of 2028.
According to Reuters, interim CEO Mark Hill said on Tuesday, “Barrick remains committed to the Reko Diq project and to Pakistan.” The remarks come after speculation that the company’s board may consider splitting Barrick’s assets, including a possible sale of Reko Diq and the company’s African holdings, to focus on safer North American operations. Sources noted that some shareholders worry exposure to riskier markets could impact Barrick’s valuation, especially amid potential takeover interest.
The Reko Diq project added 13 million ounces to Barrick’s gold reserves in 2024 and is expected to produce 200,000 metric tons of copper annually in its first phase, doubling after expansion, with projected free cash flow exceeding $70 billion over 37 years. Lenders including the International Finance Corporation and Asian Development Bank are assembling a financing package exceeding $2.6 billion.
Barrick returned to Pakistan in 2022 after settling a years-long legal dispute, with the mine becoming a flagship investment for the country’s minerals sector. Earlier on November 24, 2025, the Oil and Gas Development Company Limited (OGDC) dismissed media speculation about Barrick’s restructuring, assuring investors that the project would remain unaffected. “Barrick has assured that Reko Diq remains a priority asset. Any corporate restructuring is not expected to impact the project,” OGDC management stated during a briefing attended by Topline Securities.
The reaffirmation underscores the strategic importance of Reko Diq to both Barrick and Pakistan as the country seeks to attract long-term investment in its mining sector.