Barrick Gold (NYSE: GOLD) plans to secure more than $2 billion in financing for its Reko Diq copper and gold project in Pakistan, with term sheets expected to be finalized by early Q3, according to Project Director Tim Cribb in an interview with Reuters.
Reko Diq is considered one of the largest undeveloped copper-gold deposits in the world, projected to generate over $70 billion in free cash flow and $90 billion in operating cash flow over its lifetime. The project is jointly owned by Barrick Gold and the governments of Pakistan and Balochistan.
Phase one of the project, targeted to begin production in 2028, is currently under financing negotiations with multiple international lenders. According to Cribb, the mine is seeking:
- $650 million from the International Finance Corporation (IFC) and International Development Association (IDA)
- $500 million to $1 billion from the U.S. Export-Import…
