Barrick Gold is seeking over $2 billion in financing for its Reko Diq project in Pakistan, one of the world’s largest untapped copper-gold deposits.
At the Pakistan Minerals Investment Forum 2025, Project Director Tim Cribb announced that they expect to finalize term sheets by early Q3 2025, which will kickstart phase one, targeting production to begin in 2028.
The Reko Diq joint venture between Barrick Gold, Pakistan, and Balochistan promises massive returns: $70 billion in free cash flow and $90 billion in operating cash flow over its lifespan. Negotiations with global lenders are underway to make it happen.
Read: Pakistan Reduces Stake in Reko Diq, Saudi Investor Steps In
Cribb disclosed that Barrick seeks $650 million from the International Finance Corporation (IFC) and the International Development Association (IDA). The company is also discussing funding of $500 million to $1 billion with the U.S. Export-Import Bank. Additionally, Barrick is negotiating to secure another $500 million from development finance institutions such as the Asian Development Bank, Export Development Canada, and the Japan Bank for International Cooperation.
“We’re aiming to close the term sheet in late Q2 or early Q3,” Cribb said, signalling confidence in the timeline.
The Reko Diq project has seen recent upgrades. Phase one throughput will rise to 45 million tonnes per annum (mtpa) from 40 mtpa, while phase two jumps to 90 mtpa from 80 mtpa. However, these boosts shorten the mine’s life from 42 to 37 years—though Barrick estimates untapped reserves could extend it to 80 years. Phase one costs have also climbed to $5.6 billion, up from $4 billion.
