Barrick Gold is turning to the United States and other global lenders to raise up to $3.5 billion for the massive Reko Diq copper and gold project in Pakistan’s Balochistan province. The move comes after talks with Saudi Arabia’s Manara Minerals for a potential stake failed to produce a deal.
Mark Bristow, Barrick’s CEO, told the Financial Times the company is assembling a “G7-country financing package” for the $9 billion project. Potential backers include the World Bank’s International Finance Corporation (IFC), the US Export-Import Bank, the US International Development Finance Corporation, the Asian Development Bank, and institutions from Germany, Canada, and Japan.
“There is a lot of interest to support Pakistan,” Bristow said, noting that Reko Diq has drawn global attention. The project’s first phase is projected to cost $6.6 billion and begin production in 2028. Barrick holds a 50% stake, while Pakistan’s federal and provincial governments share the rest. Both sides are expected to invest between $1.5 billion and $1.8 billion each, with the remaining funds to come from international lenders.
The financing push follows the collapse of discussions with Saudi Arabia’s Public Investment Fund-backed Manara Minerals, which was considering acquiring up to 20% of the project. Bristow clarified that Barrick is not mediating between Saudi Arabia and Pakistan.
Reko Diq is strategically significant, as it will produce large quantities of copper concentrate — critical for renewable energy systems and defense equipment. US involvement could secure access to these resources, though Bristow pointed out the US lacks enough smelting capacity to process the output, much of which currently depends on China.
The global race for critical minerals is intensifying, with the US and its allies prioritizing secure supply chains. For Pakistan, the Reko Diq project represents a major opportunity to attract foreign capital and strengthen its mineral sector.
