Barrick Says Big Miners Show Interest in Pakistan Copper Project

Barrick Gold’s top executive says it’s not just Saudi Arabia interested in his company’s massive copper project in Pakistan — some major mining companies are, too.

The Canadian miner’s $7-billion Reko Diq project in Balochistan — a region bordering Afghanistan and Iran — boasts one of the world’s largest copper deposits and could become a major source of the wiring metal. Barrick is the only mining company that hasn’t shied away from the project’s risky geography, after Chilean miner Antofagasta Plc sold its stake in the project last year.

“They have an interest,” Bristow said in a Tuesday interview at the Denver Gold Forum. “Of course, they’re a lot more conservative than I am, but as we open up these areas, whatever way you look at copper, there’s not enough of it.”Large metals producers are scouring the world for copper assets as demand for battery metals accelerates to underpin the global transition to cleaner energy.

Reko Diq has attracted interest from Saudi Arabia, whose presence could serve to stabilize the project in a contentious part of the world. Bloomberg previously reported that the Saudis held talks about investing in the development. “We would not have have a problem if Saudi Arabia and Pakistan came to an agreement” on a stake, Bristow said. “The Saudis are very interested in participating.”

Source: News Formal (newsformal.com)

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock Market Today: Dow falls as Fed's hawkish pause puts big dent in big tech By Investing.comStock Market Today: Dow falls as Fed's hawkish pause puts big dent in big tech
Source: Investingcom - 🏆 450. / 53 Read more »

Cirie Fields Says ‘Big Brother’ Is Mentally Harder Than ‘Survivor'Fields appeared on both shows and says being on Big Brother 25 takes more mental fortitude.
Source: Collider - 🏆 1. / 98 Read more »

UAW strike is costing Big Three about $125 million each in lost revenue, Goldman Sachs saysUAW strike at plants making midsize pickup trucks and SUVs is costing Ford, GM and Stellantis about $100 million to $125 million a week each in delayed revenue.
Source: MarketWatch - 🏆 3. / 97 Read more »

UniCredit CEO says no big impact from bank tax, but uncertainty harmful By ReutersUniCredit CEO says no big impact from bank tax, but uncertainty harmful
Source: Investingcom - 🏆 450. / 53 Read more »

Christina Milian Says ‘Food Is a Really Big Passion’ While Celebrating Her Cuban HeritageChristina Milian dished about the family food traditions within her Cuban culture in a new video interview on Tuesday
Source: people - 🏆 712. / 51 Read more »

Barrick Gold eyeing 30% production growth by end of decadeOnce fully ramped up, Reko Diq and Lumwana are expected to become two of the world’s top 20 copper mines by annual production.
Source: mining - 🏆 449. / 53 Read more »