Business
Barrick Gold Seeks $2 Billion Funding for Reko Diq Project
Barrick Gold, a Canadian mining company, is in negotiations with the International Finance Corporation and other entities to secure $2 billion in funding for the first phase of the Reko Diq copper and gold project in Pakistan.
The project, which is estimated to cost $5.5 billion in its first phase, is a joint venture between Barrick Gold (50% stake) and the Pakistani government (50% stake).
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Saudi Arabia is also considering purchasing a portion of Pakistan’s stake in the project, with Barrick Gold open to welcoming the kingdom as a partner.
The Reko Diq project, one of the largest undeveloped copper mines globally, is expected to commence production in 2028.
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The funding negotiations come as Saudi Arabia looks to diversify its economy away from oil and the dollar, with the kingdom seeking access to strategic minerals.
Barrick Gold, meanwhile, aims to ease cash constraints and move forward with the project.
