The top gold producer, Barrick Mining (NYSE:GOLD), is rapidly advancing its flagship Reko Diq copper-gold project in Pakistan. While discussing Q1 earnings, CEO Mark Bristow noted the project’s positive momentum and strategic significance as a cornerstone asset for Barrick's future copper growth pipeline.
"This is a world-class copper-gold project that will deliver enormous value, not just for Barrick, but equally for our partners in Pakistan and particularly in Balochistan," Bristow said. He noted that the project's immense value is still not fully recognized in Barrick's current share price, which has gained 21.5% year-to-date.
Reko Diq, located in Balochistan near Pakistan's western border with Iran, is one of the world's largest undeveloped porphyry copper-gold systems. According to the updated feasibility study approved last month, the project hosts probable reserves of 7.3 million tons of copper and 13 million ounces of gold attributable to Barrick.
The project will be developed in two phases, with Phase 1 (2025–2029) requiring between $5.6 billion and $6.0 billion on a 100% basis, of which Barrick's equity share is estimated at $1.4 billion to $1.7 billion. Total development across both phases is expected to cost approximately $10 billion. Once operational, Phase 1 will deliver 240,000 tons of copper and 297,000 ounces of gold annually, ramping up in Phase 2 (2034–2043) to 460,000 tons of copper and 520,000 ounces of gold annually.
Bristow said construction activities are accelerating, with Fluor Corporation appointed as the lead engineering, procurement and construction management partner. Heavy equipment is already being mobilized. Bristow drew parallels with the firm's projects in Mali and the Democratic Republic of Congo from decades ago, pointing to the firm's phased and partnership-driven approach.
"While others pursue shortcuts through M&A, we continue to invest in our own future—by building and not just buying—thereby creating real value for our shareholders," he said.
Barrick has invested approximately $228 million into Reko Diq (on a 100% basis), including $100 million in Q1 2025 alone. Total capex for this year is expected to remain under $1 billion. In Q1, the project cleared a key regulatory milestone by securing environmental approvals from the Balochistan Environmental Protection Agency.
In addition to its 37-year reserve life, Bristow pointed to significant expansion potential, highlighting the Bukit Pasir discovery just 4 km north of the main orebody, returning thick intercepts of near-surface mineralization. "Even before we've started production, we are already adding life and value," he said.
Although Pakistan's long-standing dispute with India over territorial disputes recently escalated, Reko Diq's proximity to the Iranian border offers geographic insulation, providing a clear road ahead for what may become one of the most important global copper assets.
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