Paperwork was filed on Saturday with the supreme court, Barrick said, adding that once transaction is completed, the project will be owned 50% by Barrick, 25% by the province of Balochistan, where the asset is located, and 25% by major Pakistani state-owned enterprises (SOEs).
The Reko Diq project, which hosts one of the world’s largest undeveloped copper-gold deposits, has been on hold since 2011 due to a dispute over the legality of its licensing process.
Barrick solved the long-running dispute earlier this year, reaching a preliminary out-of-court deal that cleared the path for a final agreement on how to run the mine and profit-sharing arrangements.
The project is now seeking financing partners, with a target of 50% debt to total capitalization.
The company plans to deliver production as early as 2027-2028 from Phase 1 at a cost of around $4 billion, with Phase 2 to follow in five years and a cost of roughly $3…
