The mine’s first phase will produce 200,000 tonnes of copper annually, with an estimated cost of $5.5bn (C$7.94bn). Credit: Maksim Safaniuk/Shutterstock.

The Reko Diq mine is expected to produce $74bn in free cash flow over the next 37 years, according to Barrick Gold CEO Mark Bristow.

Barrick Gold holds a 50% stake in the mine, while the governments of Pakistan and Balochistan own the remaining stake.

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The mine’s development is expected to significantly impact Pakistan’s economy, according to a report by Reuters.

Barrick Gold considers Reko Diq one of the largest under-developed copper-gold areas globally.

The project, which has been delayed due to a dispute resolved in 2022, is expected to start production by the end of 2028.

The first phase will produce 200,000 tonnes of copper annually, with an estimated cost of $5.5bn.

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This phase is set to be completed by 2029, according to Bristow.

The second phase is projected to double the production, with an estimated capital cost of $3.5bn.

Mine reserves are estimated to last up to 37 years, but Bristow noted that upgrades and expansions could potentially extend its lifespan.

According to the report, the $74bn in free cash flow could generate substantial dividends, royalties and taxes for Pakistan, which currently holds approximately $11bn in foreign reserves.

Barrick Gold is engaging with railway authorities and infrastructure providers to modernise the coal terminal at Port Qasim, near Karachi.

This development will enhance infrastructure for copper transport within the country and for export.

Bristow confirmed that the project is moving forward as planned, with the fencing, accommodation and surveys completed.

Additionally, Saudi Arabian mining company Manara Minerals may invest in the Reko Diq mine in the next two quarters, as stated by Pakistani Petroleum Minister Musadik Malik.

Executives from Manara visited Pakistan in May last year for discussions about acquiring a stake in the project.

Malik also mentioned that Pakistan is in talks with other Gulf countries regarding mining opportunities.