A delegation from Barrick Mining Corporation on Friday showed considerable interest in investing in mineral processing facilities in Karachi and Gwadar.
The announcement followed a meeting between the delegation, headed by Chairman John Thornton, and Prime Minister Shehbaz Sharif in Islamabad, according to a statement shared by the Prime Minister’s Office (PMO) on X.
The PMO said the visiting representatives regarded the prime minister’s and government’s decision to organise a minerals conference as a significant move towards developing Pakistan’s mineral sector.
“The delegation expressed strong interest in investing in the establishment of mineral processing industries in Karachi and Gwadar,” the statement said.
According to the statement, Prime Minister Shehbaz Sharif said Pakistan possessed abundant natural resources and mineral reserves. He emphasised that utilising this wealth to advance provincial development and enhance public prosperity was a key government priority.
“Major projects such as Reko Diq will create new opportunities for employment, skills development and economic growth for the people of Balochistan,” PM Shehbaz said.
He added that Pakistan was determined to utilise its extensive mineral resources and attract fresh opportunities for international investment.
The prime minister described the Reko Diq project as a significant achievement for investment in Pakistan’s mining industry and an essential component of the country’s economic future.
“The success of the Reko Diq project will set a benchmark for future mineral investment in Pakistan,” PM Shehbaz said, noting that the government was working to establish a supportive environment for mineral sector development based on “trade, investment, infrastructure and modern technology”.
“The Reko Diq project is an important milestone for investment in Pakistan’s mineral sector, and its success will also serve as a model for future projects,” he said.
During the discussion, the prime minister highlighted Balochistan’s substantial natural resources and mineral reserves, saying their effective utilisation could accelerate the province’s development, improve living standards and generate additional employment opportunities.
“Ensuring that the people of Balochistan directly share in the benefits of mineral projects, creating employment and skills development opportunities for local young people, and developing surrounding communities are among the government’s priorities.”
The statement further noted that the prime minister welcomed Barrick Mining Corporation’s involvement in the Pakistan Minerals Investment Forum 2026.
Participants also reviewed policy, regulatory and infrastructure arrangements required to support the growth of Pakistan’s mineral industry.
The statement added that Shehbaz Sharif expressed interest in benefiting from Barrick’s knowledge and experience to expand the country’s mining sector beyond the Reko Diq project.
Reko Diq, regarded as one of the world’s largest undeveloped copper-gold deposits, is projected to generate $70 billion in free cash flow and $90 billion in operating cash flow.
The project is jointly owned by Canadian mining giant Barrick Mining Corporation, formerly known as Barrick Gold, and the federal and Balochistan governments.
However, government sources and industry insiders have indicated that commercial production at the Reko Diq copper-gold project may face a two-year delay, potentially starting in 2030, subject to improved security conditions in Balochistan and a reduction in tensions surrounding the Middle East crisis.
