Barrick delegation eyes mineral processing investment in Karachi and Gwadar during Islamabad talks
Shehbaz Sharif seeks cooperation beyond Reko Diq, stresses local employment and skills development as delegation expresses investment interest.
ISLAMABAD: A delegation led by Barrick Mining Corporation Chairman John Thornton expressed keen interest in investing in mineral processing industries in Karachi and Gwadar during a meeting with Prime Minister Shehbaz Sharif in Islamabad on Friday, according to the Prime Minister’s Office.
The discussions covered the Reko Diq copper-gold project, opportunities for broader cooperation in Pakistan’s minerals sector and measures to ensure that mining investment delivers employment, skills and economic benefits to communities in Balochistan.
Welcoming Barrick’s participation in the Pakistan Minerals Investment Forum, the prime minister described Reko Diq as an important milestone for investment in the country’s mining sector. He said its success would help establish a benchmark for future mineral projects.
Shehbaz said Balochistan’s natural resources could support provincial development and public prosperity if utilised effectively. Ensuring that residents benefited directly from mineral projects, particularly through employment and training for young people, was among the government’s priorities, he added.
He also emphasised the development of communities surrounding project sites.
Cooperation Beyond Reko Diq
The prime minister expressed a desire to draw on Barrick’s expertise and experience for mineral development beyond Reko Diq.
Participants discussed the policy, regulatory and infrastructure arrangements needed to support investment. Shehbaz said the government was working to create favourable conditions through measures relating to trade, investment, infrastructure and modern technology.
According to the PMO, the visiting delegation welcomed the organisation of the minerals conference, describing it as an important step towards developing Pakistan’s mineral resources. It also expressed interest in investment in mineral processing industries in Karachi and Gwadar.
The meeting took place during the Pakistan Minerals Investment Forum, scheduled in Islamabad on November 12 and 13, which brought together government officials, international mining companies and investors.
Reko Diq Ownership and Development Status
Located in Balochistan’s Chagai district, Reko Diq is described by Barrick as one of the world’s largest undeveloped copper-gold projects.
Barrick holds a 50 per cent interest, 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.
The Islamabad talks come while Barrick is reviewing the project’s development plans. In an April 2 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.
Barrick said the project would remain under active management and that it intended to maintain its existing community and social programmes. It also warned that previously disclosed cost estimates and timelines could increase significantly.
The company’s November 9 results continued to describe Reko Diq as under review and linked lower anticipated project spending to a reduction in its overall capital expenditure guidance. Friday’s PMO statement did not announce any change to that review or provide a revised production date.
Transport Links Also Under Discussion
The engagement follows separate talks in Islamabad on November 12 between Planning Minister Ahsan Iqbal and Barrick’s senior leadership on improving transport connections between Balochistan’s mineral-producing areas and ports.
According to an official statement, Iqbal called for faster progress on the proposed Nokundi–Gwadar road corridor and proposed a joint working group to examine technical requirements, feasibility, financing and implementation arrangements. These discussions concern enabling infrastructure; they do not constitute approval of the processing investments mentioned in Friday’s meeting.
Deputy Prime Minister and Foreign Minister Ishaq Dar, federal ministers Muhammad Aurangzeb and Ali Pervaiz Malik, special assistants Tariq Fatemi and Lt Gen (retd) Muhammad Zafar Iqbal, and other senior officials attended the meeting with the prime minister.
