Barrick Seeks $3.5B Financing from US, Global Lenders for Pakistan Reko Diq Mine

Barrick Mining is seeking up to $3.5 billion in financing from the United States and other international lenders to develop the massive $9 billion Reko Diq copper and gold mining project in Balochistan, Pakistan, after a funding deal with Saudi Arabia fell through. The company is assembling a "G7-country financing consortium" including the World Bank’s International Finance Corporation, US Export-Import Bank and Development Finance Corporation, Asian Development Bank, and financial institutions from Germany, Canada, and Japan. Barrick CEO Mark Bristow emphasized the strong global interest in supporting Pakistan through this project, which is expected to start production by 2028, with Barrick and the Pakistani governments each investing between $1.5 billion and $1.8 billion. The project is considered one of the largest undeveloped copper-gold deposits globally, projected to generate over $70 billion in free cash flow during its lifetime. Bristow also noted potential US government support could provide access to copper concentrate, though the US faces challenges with smelting capacity, increasing its reliance on Chinese metal imports. This financing effort highlights the geopolitical competition for critical minerals essential for energy infrastructure and military hardware.