Islamabad / Toronto — Barrick Gold Corporation is pursuing up to $3.5 billion in financing from the U.S. and other global lenders to fund the massive Reko Diq copper and gold mine in Pakistan’s Balochistan province. The move comes after anticipated investment from Saudi Arabia fell through, shifting the funding strategy toward G7-backed institutions.

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G7-Backed Funding Replaces Gulf Investment

Barrick CEO Mark Bristow confirmed the company is working on a “G7-country financing package” that could include:

• World Bank’s IFC
• U.S. Export-Import Bank
• U.S. Development Finance Corporation
• Asian Development Bank
• Financial institutions from Germany, Canada, and Japan

The $9 billion Reko Diq project — owned 50% by Barrick and 50% by Pakistan’s federal and provincial governments — requires $3–$3.5 billion in external financing. Each partner will contribute $1.5–$1.8 billion toward the mine’s development.

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Production Set for 2028

The first phase of the project is estimated to cost $6.6 billion and is expected to start production in 2028. Barrick will provide operational expertise while Pakistan shares equally in funding and ownership.

Bristow also noted that U.S. government financing could provide Washington with access to Reko Diq’s copper concentrate, an increasingly strategic resource for renewable energy and defense manufacturing. However, the U.S. still faces bottlenecks in refining capacity due to limited domestic smelters.

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Critical Minerals and Geopolitics

The financing push comes amid intensifying global competition for critical minerals, with the U.S., China, and others racing to secure supply chains for clean energy infrastructure and advanced manufacturing. Mineral security has become a strategic priority for Western leaders.

Barrick had previously explored selling up to 20% project ownership to Saudi Arabia’s Manara Minerals, but negotiations collapsed.

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Strong Q2 Earnings Amid Global Expansion

The financing announcement coincided with Barrick’s second-quarter 2025 net earnings of $811 million, a 33% year-on-year increase, driven by record gold prices.

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Ongoing Disputes in Africa

Barrick is also facing challenges in Africa, where its Loulo-Gounkoto gold mine in Mali has been shut since January 2025 due to new mining legislation. The company has taken the case to the World Bank’s ICSID arbitration court. Bristow expressed optimism, noting that past disputes in Pakistan and Tanzania have been resolved through similar processes.

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Key Takeaways

• $3.5B financing sought from U.S., G7, and global lenders.
• Reko Diq is a $9B copper-gold project, 50-50 owned by Barrick and Pakistan.
• Production start: 2028, first phase cost $6.6B.
• US interest tied to strategic copper supply.
• Q2 2025 earnings: $811M, up 33% YoY.
• Mali mining dispute in arbitration.

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