Barrick Mining Corp reaffirms commitment to Pakistan’s Reko Diq copper mine, one of the world’s largest undeveloped copper deposits, its interim CEO Mark Hill stated on Tuesday, dispelling recent reports of a potential withdrawal. The $7 billion project, located in the remote, insurgency-prone Balochistan province, is a 50-50 joint venture with Pakistani authorities and targets commercial production by the end of 2028. Earlier this month, Reuters reported that Barrick’s board had explored asset restructuring options, including a possible outright sale of Reko Diq and the company’s African assets, citing sources familiar with internal deliberations.

Security emerges as a critical challenge for the Reko Diq project: Balochistan faces frequent attacks by separatist and jihadist groups, necessitating robust risk mitigation measures. Additionally, the project requires upgrading railway infrastructure to transport copper concentrate to Karachi for overseas processing. On the financing front, multilateral lenders including the International Finance Corporation (IFC) and the Asian Development Bank (ADB) are assembling a funding package exceeding $2.6 billion ...