Barrick Gold in talks with IFC, other agencies to raise $2 billion for Pakistan’s Reko Diq

Mark Bristow, president and chief executive of Canadian gold and copper mining company Barrick Gold corporation, speaks to members of the media after his meeting with Pakistan’s minister of finance in Islamabad on July 18, 2022. (AFP/File)
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Updated 01 May 2024
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Barrick Gold in talks with IFC, other agencies to raise $2 billion for Pakistan’s Reko Diq

  • Reko Diq in southwestern Pakistan is one of world’s biggest under-developed copper mines 
  • Barrick Gold CEO says mining company needs $2 billion for first phase of Reko Diq project

TORONTO: Barrick Gold is not interested in bidding for Anglo American, which last week received a $39 billion takeover offer from BHP, and is building its own copper portfolio, the Canadian miner’s CEO Mark Bristow said on Wednesday.

If BHP’s proposed acquisition of Anglo is successful, it would create one of the world’s biggest copper miners.

Analysts and investors expect rival bids to emerge after BHP’s offer was rejected last week by Anglo, which said it was opportunistic, significantly undervaluing the company and its future prospects.

“We are not interested in bidding for Anglo American, as we are building (copper assets) of our own,” Bristow told Reuters.

Bristow is betting on developing the Reko Diq copper project in Pakistan in which it holds a 50 percent stake, the first phase of which is expected to cost $5.5 billion.

Barrick is in talks with the International Finance Corporation and other agencies to raise at least $2 billion for the first phase of the project, Bristow added.

Reko Diq, one of the biggest yet-to-be-developed copper mines in the world, is also 50 percent owned by the government of Pakistan. Saudi Arabia is in talks to buy part of the stake from the Pakistan government.

In Mali, where Barrick has a gold mine, the military-led government was last year in talks with miners over a change to its mining law that could see it boost state and private Malian interests in new projects to 35 percent from up to 20 percent previously.

However, Bristow said that the company has received written assurances from the junta that there was no threat of its assets being nationalized.


Pakistan warns of heavy rain, snowfall and landslide risks in northern districts from today

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Pakistan warns of heavy rain, snowfall and landslide risks in northern districts from today

  • Khyber Pakhtunkhwa says snowfall can make roads slippery in tourist resorts like Naran, Kaghan and Kalam
  • Provincial authorities warn tourists and travelers to avoid unnecessary movement during the weather spell

PESHAWAR: The Provincial Disaster Management Authority (PDMA) of Pakistan’s Khyber Pakhtunkhwa warned Friday heavy rains and snowfall expected from today through Dec. 15 could trigger landslides, road closures and hazardous travel conditions across the northern districts.

The alert follows forecasts of widespread precipitation in the province’s mountainous regions, where steep slopes and winter road conditions routinely heighten the risk of disruption.

Dense fog is also expected in the plains, including Peshawar, Mardan, Nowshera and Swabi, potentially affecting visibility and slowing motorway traffic.

“The Provincial Disaster Management Authority has issued alerts to all relevant departments to take advance precautionary measures,” the agency said.

It warned that snowfall could make roads slippery in areas such as Naran, Kaghan, Kalam and Jabba, while heavy rain and snow “may increase the risk of landsliding.”

Residents living close to rivers, streams and seasonal water channels were advised to remain vigilant.

Rain and snowfall are also forecast in Chitral, Dir, Swat, Shangla, Kohistan, Mansehra, Abbottabad, Galyat, Haripur, Buner, Mohmand, Khyber, Orakzai, Kurram and North and South Waziristan.

Tourists and travelers were urged to avoid unnecessary movement during the weather spell. Daytime temperatures are expected to fall sharply as the cold system intensifies.

Local administrations have also been instructed to keep drainage systems active ahead of the expected rainfall.

Pakistan has faced a series of extreme-weather emergencies in recent years — from devastating floods in 2022 to recurring droughts and record heatwaves — despite contributing less than one percent to global carbon emissions.

Officials say climate volatility has made mountainous regions more prone to landslides and flash floods, highlighting the importance of early warnings and local preparedness.