Barrick Mining Seeks $3.5 Billion International Financing for Reko Diq Project in Pakistan
Barrick Mining is seeking up to $3.5 billion in financing from the United States and other international lenders to help develop the large-scale Reko Diq copper and gold mine in Balochistan, Pakistan. This comes after earlier talks for potential funding with Saudi Arabia did not move forward.
Mark Bristow, CEO of Barrick, told the Financial Times that the company is working on a “G7-country financing package” for the $9 billion project. The financing plan includes participation from major global institutions such as the World Bank’s International Finance Corporation (IFC), the US Export-Import Bank, the US International Development Finance Corporation, the Asian Development Bank, and lenders from Germany, Canada, and Japan.
“There is strong interest in supporting Pakistan,” Bristow said, noting that the Reko Diq project has brought international attention to the region. His remarks followed Barrick’s announcement of a 33% year-on-year increase in net earnings, reaching $811 million in the second quarter of 2025, supported by record-high gold prices.
The first phase of the Reko Diq mine, expected to start production in 2028, is estimated to cost $6.6 billion. Barrick holds a 50% stake in the project, while Pakistan’s federal and provincial governments share the remaining 50%. Both sides are expected to invest between $1.5 billion and $1.8 billion each, with the rest raised through global financing partners.
“This is a perfect arrangement where Pakistan invests alongside us on equal terms,” Bristow explained. “We bring the expertise and operational capability, and we leverage it with international financing.”
The project is significant given the growing global demand for critical minerals such as copper, which is essential for renewable energy technology and various industrial applications. The mine is expected to produce large amounts of copper concentrate, though Bristow pointed out that the US currently lacks enough smelting capacity to process it domestically.
The financing push follows the end of talks with Saudi Arabia’s Manara Minerals — a state mining fund — regarding a possible 20% stake in the project. Bristow confirmed that Barrick is not mediating between Saudi Arabia and Pakistan on this matter.
With demand for critical minerals becoming a priority for many countries, the Reko Diq project is seen as a potential key contributor to both Pakistan’s economic growth and the global supply chain. In addition, Bristow commented on the gold market, saying the industry is watching for updates on potential US tariffs on gold bars, though he expects minimal impact on mining companies.
The Reko Diq development marks one of the largest foreign investment opportunities in Pakistan’s mining sector, with the potential to boost infrastructure, employment, and export earnings.
