Barrick Mining Corp has rejected rumors that the company is weighing an exit, reaffirming its full commitment to Reko Diq copper-gold project.
The assurance came from interim chief executive Mark Hill, who told Reuters that the project remains central to Barrick’s long-term plans.
Reko Diq contributed an additional 13 million ounces to Barrick’s gold reserves in 2024. The mine is designed to produce roughly 200,000 metric tons of copper annually in its initial phase, with output expected to double once the second phase comes online. Over its 37-year life, the project is forecast to generate more than $70 billion in free cash flow.
Located in Balochistan’s remote western region, the $7-billion venture is owned equally by Barrick and the Government of Pakistan. Commercial production is targeted for late 2028.
Earlier this month, Reuters reported that Barrick’s board had discussed restructuring the company’s portfolio,an exercise that could involve the sale of assets such as Reko Diq or parts of its African business. Those discussions sparked questions about Barrick’s future involvement.
Hill, however, rejected the withdrawal rumors, emphasizing that “Barrick remains committed to the Reko Diq project and to Pakistan.”
