Toronto/Islamabad, November 2025 – Barrick Mining Corp (ABX) has reaffirmed its commitment to the Reko Diq copper mine in Pakistan, dismissing reports of a potential withdrawal, its interim CEO Mark Hill said on Tuesday.

The $7 billion project, located in Pakistan’s remote and insurgency-affected Balochistan province, is a joint venture between Barrick and the Pakistani authorities. Production is expected to begin by end-2028. The mine is considered one of the world’s largest undeveloped copper deposits.

Recent media reports suggested that Barrick’s board is considering splitting the company’s assets, potentially including a sale of Reko Diq and African holdings. Hill emphasized that “Barrick remains committed to the Reko Diq project and to Pakistan.”

Security and Infrastructure Challenges
Balochistan faces ongoing threats from separatist and jihadist groups, making security a critical concern. The project also requires upgrades to the railway line for transporting copper concentrate to Karachi for overseas processing.

Lenders such as the International Finance Corporation and the Asian Development Bank are assembling a financing package exceeding $2.6 billion. The 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, with output set to double after expansion. The project is projected to generate over $70 billion in free cash flow over 37 years.

Strategic Significance
Reko Diq represents a cornerstone of Pakistan’s mineral strategy and a flagship long-term investment for Barrick. The Canadian miner returned to Pakistan in 2022 after settling a long-standing legal dispute, and the project is now pivotal to drawing international capital into the country’s mining sector.

While some shareholders have raised concerns about exposure to higher-risk assets in Pakistan and Africa potentially affecting Barrick’s valuation, company leadership remains focused on advancing one of its largest global projects.