Petroleum minister Ali Pervaiz Malik received “positive updates” on the financial close of the Reko Diq Copper and Gold Project on Wednesday, as he discussed wider investment opportunities in Pakistan’s mining and oil and gas sectors in meeting with officials of the Oil & Gas Development Company Limited (OGDCL) and international law firm Milbank.
Reko Diq is a massive copper and gold deposit located in Balochistan, Pakistan, which is believed to be one of the world’s largest. The project is a joint venture between Barrick Gold and Pakistani stakeholders.
The $7 billion project is expected to start production by the end of 2028.
“A meeting was held between the Federal Minister for Petroleum, Ali Pervaiz Malik, the Managing Director of OGDCL, Ahmed Hayat Lak and Munib Hussain, London based Partner at the international law firm, Milbank.
“The participants reviewed key developments in the energy and resources sector, including the current status of financing for the Reko Diq Copper and Gold Project. Briefing the Minister and the OGDCL leadership, Mr. Hussain,who represents the project’s financiers,shared positive updates on attainment of financial close for the Reko Diq project,” the Petroleum ministry said in a statement.
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Barrick returned to Pakistan in 2022 after a years-long legal dispute was settled, and the mine has since become a flagship investment for the country as it seeks to draw more capital into its minerals sector.
The Wednesday’s meeting also included discussions on additional opportunities across Pakistan’s mining and oil and gas sectors, “with all parties expressing their commitment to supporting strategic investments and sectoral growth”, the ministry said.
The development came a day after Barrick Mining Corp’s interim CEO said the company remained committed to its Reko Diq copper mine in Pakistan, as he refuted reports of a possible withdrawal.
The withdrawal reports had emerged Reuters, citing sources, reported that Barrick’s board had raised the possibility of splitting the company’s assets, which could include an outright sale of the Reko Diq mine and the company’s African assets.
The OGDCL also dismissed the reports, assuring investors that the changes would have no impact on the Reko Diq project.
Last week, Finance Minister Muhammad Aurangzeb, while talking to Arab News, said the financial close for the Reko Diq mining project was “imminent”, with key international partners finalising their participation.
“The financial closure [for Reko Diq] is essentially around the corner,” he said then.
Pakistan has expanded its international push to attract investment in its minerals and mining sectors, with recent engagements with the US, France, and Germany as Islamabad seeks technology, expertise, and long-term partnerships to unlock its resource potential.
In September this year, Pakistan and the US signed a memorandum of understanding (MoU) worth $500 million to strengthen cooperation in the critical minerals sector, marking a step toward deeper economic and strategic engagement between the two countries.
Later in October, Pakistan delivered its first batch of rare earth elements and critical minerals to US Strategic Metals (USSM) in the US.
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