The Reko Diq copper and gold project will become a pivotal asset for Pakistan, marking the country’s emergence as a global player in the mining sector, Barrick Gold CEO Mark Bristow stated on Tuesday while addressing the two-day Pakistan Minerals Investment Forum in Islamabad.
Bristow described the project as a key milestone for both Barrick Gold and Pakistan, emphasizing its potential to elevate the country to the ranks of top global mining jurisdictions.
“I am confident that Reko Diq will be the beacon that leads Pakistan into the global mining spotlight,” he said, adding that the project would significantly contribute to Pakistan’s economy, especially by transforming Balochistan, one of the country’s least developed provinces.
The Reko Diq project, which was restructured in 2022, is a 50-50 partnership between the government of Pakistan, the Balochistan government, and Barrick Gold. The mine, considered one of the largest untapped copper and gold reserves in the world, is expected to have a substantial economic impact on Pakistan.
Bristow shared that a feasibility study completed in 2024 revealed that Reko Diq holds 15 million tons of copper reserves and 26 million ounces of gold.
“This mine is poised to be one of the lowest-cost copper producers globally,” he added.
The project’s first production is expected to commence in 2028, with an annual target of 240,000 tons of copper and 300,000 ounces of gold. Phase two aims to increase production to 400,000 tons of copper and 500,000 ounces of gold per year.
Bristow expressed confidence that Reko Diq is just the beginning, stating that much more exploration and investment is still to come. “Reko Diq is just a starter mine. There’s plenty more to explore,” he remarked.
Before Bristow, Pakistan’s Deputy Prime Minister Ishaq Dar, in his opening remarks at the forum, said that with its vast untapped mineral potential, the country’s resource corridor was primed to reshape the global supply chain and attract investment. He said that anchored in the Tethyan Metallogenic Belt — one of the world’s largest copper-gold zones, Pakistan was home to monumental reserves like the Reko Diq.
Dar told the Forum that by aligning its regulatory frameworks with competitive fiscal terms, Pakistan was positioning itself as a dynamic hub for sustainable, high-yield ventures in resource exploration, extraction, refining, logistics, and infrastructure.
The Pakistan Minerals Investment Forum is set to highlight the nation’s growing mining potential, with around 300 participants from countries such as Turkey, China, Saudi Arabia, and the US attending.
The forum will focus on investment opportunities in major mineral projects like Reko Diq, along with discussions on the government’s policies to boost the mineral sector.