PM Shehbaz, Barrick Chairman Discuss Investment in PakistanPakistan

He stressed that local communities must benefit directly from mining projects through employment, training opportunities for young people and better facilities in areas near the projects. He described Reko Diq as a major achievement for Pakistan’s mining sector and said its successful completion would encourage more foreign investment in the country.

The two sides discussed the policies, rules and facilities needed to develop the mineral sector, and the prime minister said the government was working to provide a business-friendly environment through better policies, improved infrastructure and modern technology. He also invited Barrick to use its experience and expertise in mining projects beyond Reko Diq.

The Barrick delegation appreciated the government’s efforts to organise the Pakistan Minerals Investment Forum and described it as an important step towards promoting the country’s mineral wealth. It also expressed interest in investing in mineral processing industries in Karachi and Gwadar, according to the Prime Minister’s Office.

The meeting took place during the Pakistan Minerals Investment Forum, held in Islamabad on November 12 and 13, which brought together government officials, international mining companies and investors.

Reko Diq, in Balochistan’s Chagai district, is described by Barrick as one of the world’s largest undeveloped copper-gold projects. Barrick holds a 50 per cent interest in the project, while three federal state-owned enterprises collectively own 25 per cent and the Balochistan government holds the remaining 25 per cent. The project was reconstituted in December 2022.

Barrick is currently reviewing the project’s development plans. In an April statement, the company said it would slow development activity and continue its review until mid-2027, citing heightened security risks and the need to reassess financing, capital requirements, scope and scheduling. Its November 9 results continued to describe Reko Diq as under review, and Friday’s statement from the Prime Minister’s Office did not announce any change to that review or provide a revised production date.

The engagement followed separate talks in Islamabad on November 12 between Planning Minister Ahsan Iqbal and Barrick’s senior leadership on improving transport links between Balochistan’s mineral-producing areas and ports, including the proposed Nokundi-Gwadar road corridor. Those discussions concerned enabling infrastructure and did not constitute approval of the processing investments mentioned in Friday’s meeting.

Deputy Prime Minister and Foreign Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb, Petroleum Minister Ali Pervaiz Malik, special assistants Tariq Fatemi and Lieutenant General (retd) Muhammad Zafar Iqbal, and other senior government officials also attended the meeting with the prime minister.