The Reko Diq copper and gold project in Pakistan is expected to generate an impressive $74 billion in free cash flow over 37 years, according to Barrick Gold CEO Mark Bristow.
Project Overview
Reko Diq, located in Balochistan, is a joint venture between Barrick Gold (holding a 50% stake) and the governments of Pakistan and Balochistan, which collectively own the remaining 50%.
Economic Impact
The anticipated $74 billion in free cash flow will generate substantial dividends, royalties, and taxes for Pakistan, whose foreign reserves currently stand at approximately $11 billion.
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Progress and Development
The projectās timeline is on schedule. Key milestones, such as fencing, accommodation facilities, and initial surveys, have already been completed. Bristow confirmed that development activities are progressing smoothly, ensuring timely project delivery.
Potential Gulf Investments
Saudi Arabian mining company Manara Minerals has shown strong interest in investing in Reko Diq. Pakistani Petroleum Minister Musadik Malik recently announced that Manara Minerals could finalize its stake within the next two quarters. Executives from Manara previously visited Pakistan in May 2024 for exploratory talks.
A Transformational Project
The Reko Diq project not only promises significant economic returns but also positions Pakistan as a major player in the global mining industry. As work continues, the mineās development will serve as a testament to the countryās untapped potential and its commitment to fostering strategic partnerships.
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