Barrick Gold is looking to obtain more than $ 2 billion in funding for his Reko Diq Copper and Gold project in Pakistan, with mandate sheets that should be finalized at the start of the third quarter of 2025, according to the project director.
Funding will support the development of Reko Diq, one of the largest copper gold deposits not developed in the world, which should generate $ 70 billion in available cash flows and $ 90 billion in operating cash flows.
Reko Diq is a joint venture between Barrick Gold, the governments of Pakistan and Balutchistan.
Phase one of the project one of the project, estimated at production in 2028, is currently being negotiated with several international lenders.
TIM CRIBB, Barrick Gold project director for Reko DIQ, revealed in an interview with Pakistan Minerals Investment Forum 2025 that the research mine 650 million dollars in funding from the International Finance Corporation (IFC) and the International Development Association (IDA).
In addition, the project is in talks with the American export-import bank to finance $ 500 million to $ 1 billion, as well as $ 500 million from various development financing institutions, including Asian Development Bank, export development in Canada and Japan Bank for International Cooperation.
“We expect to close the term of the term at the end of T2 or at the start of the third quarter,” said Cribb.
The Reko Diq project recently experienced an upgrading of its scope. The phase flow one will increase to 45 million tonnes per year (MTPA) from 40 MTPA, and the phase two flow will increase to 90 MTPA from 80 MTPA.
Consequently, the life of the mine has been adjusted from 42 to 37 years, although Barrick thinks that other non -recorded minerals could prolong life up to 80 years. The cost of phase 1 also increased to $ 5.6 billion against $ 4 billion.
CRIBB also mentioned that discussions on the financing of railways increased, with infrastructure costs estimated between $ 500 and 800 million dollars, the initial cost set at $ 350 million.
The financing agreement should be supported by leave agreements, with potential Asian customers, notably Japan and Korea, as well as European countries like Sweden and Germany, seeking to obtain copper supplies for their industries.
