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| Barrick |
Reko Diq Feasibility Approved, First Production by 2028
Barrick Gold Corporation (NYSE: GOLD) has confirmed that the Reko Diq joint venture has approved the updated feasibility study and allocated this year’s budget to advance the copper-gold mega project in Balochistan, Pakistan. The first copper production is expected by late 2028, marking a major strategic pivot for the Canadian mining giant.
$6 Billion Investment Signals Copper-Focused Future
Barrick, which holds a 50% stake in the Reko Diq project, is investing $6 billion to bring the mine online. The remaining interest is held by the Government of Balochistan and Pakistani state-owned entities. The project, one of the world’s largest undeveloped copper-gold deposits, is expected to significantly increase copper’s share in Barrick’s portfolio.
CEO Mark Bristow has positioned Reko Diq as central to Barrick's long-term copper growth strategy, which aligns with rising global demand for the red metal in clean energy and infrastructure.
Declining Gold Output, Name Change Proposed
While Barrick is still engaged in development work in Nevada, it has not added any major new gold assets recently. The company’s gold output has fallen to a 25-year low, amid aging mines and operational setbacks, particularly in Mali, where production is halted pending a new agreement with the military junta.
Reflecting the company’s broader diversification beyond gold, Barrick has proposed a name change to "Barrick Mining", which will be voted on at the upcoming annual shareholder meeting. Despite the potential rebranding, the company has not indicated plans to change its NYSE ticker symbol, GOLD.
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