Barrick Gold’s Reko Diq copper-gold project in Pakistan is aiming to secure more than $2 billion from international lenders. Term sheets are expected to be finalized by early Q3 2025, according to Project Director Tim Cribb. This financing will support the development of one of the world’s largest untapped copper and gold deposits. The mine is projected to generate $70 billion in free cash flow and $90 billion in operating cash flow.
The project is jointly owned by Barrick Gold, the Government of Pakistan, and the Government of Balochistan. Phase one is set to begin production in 2028. During the Pakistan Minerals Investment Forum 2025, Cribb shared updates on the funding strategy. He said that the project is in discussions with the International Finance Corporation (IFC) and the International Development Association (IDA) to secure $650 million.
Additionally, the team is in talks with the U.S. Export-Import Bank for financing worth $500 million to $1 billion. Reko Diq is also seeking another $500 million from key development finance institutions. These include the Asian Development Bank (ADB), Export Development Canada (EDC), and the Japan Bank for International Cooperation (JBIC). “We expect to close the term sheets in late Q2 or early Q3,” Cribb stated.
Meanwhile, infrastructure financing—especially for rail connectivity—is also under discussion. Cribb said that railway costs are expected to range from $500 million to $800 million. Of this, about $350 million will be required initially. A recent feasibility study has expanded the project’s development plan. Phase one throughput has increased from 40 million to 45 million tons per year. Phase two will now process up to 90 million tons annually, up from 80 million.
As a result of higher throughput, the mine’s lifespan has been adjusted from 42 years to 37 years. However, Barrick believes that untapped resources may extend operations to as much as 80 years. The cost of phase one has also been revised upward, rising from $4 billion to $5.6 billion.
In a broader context, the World Bank has announced plans to invest $2 billion annually in Pakistan’s infrastructure over the next decade. This aligns with the country’s push to develop key industrial projects. Reko Diq is expected to sign offtake agreements with several global markets. Countries like Japan and South Korea have shown interest. European nations such as Germany and Sweden are also looking to secure copper for their industries. This rising demand makes Reko Diq a key player in the global copper supply chain.
