Reko Diq Copper and Gold Project to Boost Pakistan’s Economy with $74 Billion Yield
The Reko Diq copper and gold project is expected to generate a remarkable $74 billion over the next 37 years, according to Mark Bristow, CEO of Barrick Gold. This significant estimate, based on long-term price projections, highlights the mine’s immense potential to help revitalize Pakistan’s struggling economy.
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Key Project Details:
- Production Start: Expected by late 2028, with the first phase set to produce 200,000 tons of copper annually. The estimated cost of this phase is $5.5 billion, and it is expected to be completed by 2029.
- Second Phase: An additional $3.5 billion investment will double the production capacity.
Economic Impact:
The project is anticipated to contribute significantly to Pakistan’s economic growth through dividends, royalties, and taxes, providing much-needed financial relief as the country’s foreign reserves hover around $11 billion.
Development Status:
Bristow confirmed that development is progressing as planned, with preliminary work such as fencing, accommodation, and surveys already completed. The project is expected to have an extended lifespan through future upgrades and expansions.
Ownership Breakdown:
Barrick Gold holds a 50% stake in the project, while the governments of Pakistan and Balochistan collectively own the remaining 50%.
Reko Diq is one of the world’s largest undeveloped copper and gold reserves, making it a pivotal asset for Pakistan’s future economic growth.
