Barrick Mining Corp has reiterated that it remains fully committed to developing the Reko Diq copper-gold project in Balochistan, its interim Chief Executive Officer Mark Hill told Reuters on Tuesday, following market speculation that the company might exit certain international assets.
His comments come weeks after a Reuters report said Barrick’s board had been weighing the option of dividing the firm’s portfolio, a move that could involve the sale of Reko Diq and the company’s African operations. Sources familiar with the deliberations had noted that some shareholders were concerned that exposure to higher-risk jurisdictions such as Pakistan and Africa may be affecting Barrick’s valuation when compared with its North American business, particularly amid potential takeover interest.
The Reko Diq mine, a $7 billion joint venture equally owned by Barrick and the government of Pakistan, is targeted to begin production by the end of 2028. The project added 13 million ounces to Barrick’s gold reserves in 2024 and is forecast to produce 200,000 metric tons of copper annually in its first phase, with output expected to double after expansion. Over its 37-year life, the venture is projected to generate more than $70 billion in free cash flow.
Hill said the company’s commitment had not wavered: “Barrick remains committed to the Reko Diq project and to Pakistan.” Lenders, including the International Finance Corporation and the Asian Development Bank, are currently putting together a financing package exceeding $2.6 billion to support project development.
Reko Diq remains a central pillar of Pakistan’s push to expand its minerals sector, while for Barrick it represents one of the largest long-term developments in its global pipeline. The company returned to Pakistan in 2022 after resolving a years-long legal dispute, reopening the way for the mine’s revival.
Separately on Monday, Oil and Gas Development Company Limited (OGDC) sought to calm investor concerns about reports of Barrick’s potential corporate restructuring. During a corporate briefing session attended by Topline Securities on November 24, OGDC said the speculation had “no impact” on the Reko Diq venture.
According to a briefing note from the brokerage, Barrick had already assured stakeholders that the mine remains a priority asset and that any internal restructuring should not affect the project given the number of parties involved.
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