Barrick committed to Pakistan’s Reko Diq copper project, says interim CEO

People visit a section sponsored by Canadian headquartered mining company Barrick Gold Corporation at the Prospectors and Developers Association of Canada (PDAC) annual conference in Toronto, Ontario, Canada on March 7, 2023. (REUTERS/File)
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Updated 26 November 2025
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Barrick committed to Pakistan’s Reko Diq copper project, says interim CEO

  • Barrick’s board had raised possibility of splitting company’s assets, which could include outright sale of Reko Diq mine
  • The $7 billion project has become flagship investment for Pakistan as it seeks to draw more capital into minerals sector

KARACHI: Barrick Mining Corp. remains committed to its Reko Diq copper mine in Pakistan, one of the world’s largest undeveloped deposits of the metal, its interim CEO said on Tuesday after reports of a possible withdrawal.

The $7 billion project in the remote, insurgency-hit western province of Balochistan is held in an equal partnership between the company and the Pakistani authorities and is expected to start production by the end of 2028. Barrick’s board had raised the possibility of splitting the company’s assets, which could include an outright sale of the Reko Diq mine and the company’s African assets, Reuters reported this month, citing sources familiar with the company’s thinking.

“Barrick remains committed to the Reko Diq project and to Pakistan,” Mark Hill told Reuters.

SECURITY, SCALE, STAKE 

Balochistan suffers frequent attacks by separatists, making security a major concern for the mine. The project also requires a railway line upgrade to transport copper concentrate to Karachi for processing abroad.

Lenders including the International Finance Corporation and the Asian Development Bank among others are assembling a financing package exceeding $2.6 billion. 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 a year in its first phase, doubling after expansion, with projected free cash flow of more than $70 billion over 37 years.

PAKISTAN’S MINERAL PLAY

The remarks from Barrick underscore Reko Diq’s importance to both Pakistan and the company, with Islamabad counting on the mine to anchor its minerals strategy while the Canadian miner advances one of its largest long-term projects.

Sources familiar with the company’s thinking told Reuters this month that board members and some shareholders worry that exposure to riskier assets in Pakistan and Africa may be weighing on Barrick’s valuation compared with its safer North American operations, particularly in the context of any potential takeover interest. Barrick returned to Pakistan in 2022 after a years-long legal dispute was settled, and the mine has since become a flagship investment for the country as it seeks to draw more capital into its minerals sector.
 


Pakistan’s president defends ongoing strikes in Afghanistan, urges Kabul to dismantle militants

Updated 02 March 2026
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Pakistan’s president defends ongoing strikes in Afghanistan, urges Kabul to dismantle militants

  • Afghanistan on Thursday launched attacks in retaliation for Pakistani airstrikes the previous Sunday
  • Pakistan’s military says it is only targeting Afghan military installations to avoid civilian casualties

ISLAMABAD: Pakistan’s president on Monday defended his country’s ongoing military strikes in neighboring Afghanistan, saying Islamabad tried all forms of diplomacy before targeting militants operating from Afghan territory, and called on the Taliban government in Kabul to disarm groups responsible for attacks in Pakistan.

Pakistan earlier said it is in “open war” with Afghanistan, alarming the international community. The border area remains a stronghold for militant organizations including Al-Qaeda and the Daesh (Islamic State) group.

“(The Afghan Taliban) must choose to dismantle the terror groups that survive on conflict and its war economy,” Asif Ali Zardari said during a speech to lawmakers, adding that “no state accepts serial attacks on its soil.”

Afghanistan on Thursday launched attacks in retaliation for Pakistani airstrikes the previous Sunday. Since then, Pakistan has carried out operations along the border, with Information Minister Attaullah Tarar claiming the killing of 435 Afghan forces and the capture of 31 Afghan positions.

Kabul has denied such claims.

In Afghanistan, the deputy government spokesman Hamdullah Fitrat said Pakistan’s military fired mortar shells at a refugee camp in eastern Kunar province, killing three children and injuring three others.

Afghanistan’s defense ministry said Afghan forces carried out strikes targeting a Pakistani military facility near Paktia province, causing “substantial losses and heavy casualties.”

Pakistan’s military did not respond to questions. It has said Pakistan is only targeting Afghan military installations to avoid civilian casualties.

Pakistan has witnessed a surge of violence in recent months and blames it on the outlawed Pakistani Taliban, known as Tehreek-e-Taliban Pakistan or TTP. It operates both inside Pakistan and from Afghan territory.
Islamabad accuses Afghanistan’s Taliban government of providing safe havens for the TTP, which Kabul denies.

The latest cross-border fighting ended a ceasefire brokered by Qatar and Turkiye in October. The two sides failed to reach a permanent agreement during talks in Istanbul.

Zardari reiterated Pakistan’s call for talks, saying, “We have never walked away from dialogue.”

The Pakistani leader again accused Afghanistan of acting as a proxy for India by sheltering militant groups.

“Stop being used by another country as a battlefield for their ambitions,” he said.

Zardari cited a recent report from the United Nations Security Council’s monitoring team that described the presence of militant groups in Afghanistan as an extra-regional threat.