After Failed Talks with Saudi Arabia, Barrick Mining Seeks \$3.5 Billion from Global Lenders for Pakistan’s Reko Diq Copper Project

Islamabad:Following the collapse of long-running investment talks with **Saudi Arabia**, Canadian mining giant **Barrick Mining** is now pursuing **\$3 to \$3.5 billion in funding** from the **U.S. and other international lenders** for its **Reko Diq copper and gold mining project** in Balochistan, Pakistan.

According to international media reports, **Mark Bristow**, CEO of Barrick Mining, revealed that a **financing package involving G7 nations** is being developed. The package includes potential contributions from the **World Bank**, **U.S. Export-Import Bank**, **U.S. Development Finance Corporation**, **Asian Development Bank (ADB)**, and lending institutions from **Germany, Canada, and Japan**.

Bristow emphasized the **global interest** in the **\$9 billion Reko Diq project**, with the first phase estimated to cost around **\$6.6 billion**. The project is **50% owned by Barrick Mining**, while the remaining stake is held jointly by the **Government of Pakistan** and the **Government of Balochistan**.

Both Barrick and the Pakistani side are expected to contribute between **\$1.5 billion and \$1.8 billion** each, with the remaining amount expected to come from international financing partners.

Production at Reko Diq is projected to **commence in 2028**, and the project is seen as a major economic opportunity for Pakistan, potentially making it one of the largest copper-producing countries in the region.