Barrick Takes Over US$7 Billion Copper Mine in Pakistan

According to foreign media, Sanaullah Haider, director of the project Traffic Operation Center, said: said Monday it achieved a major legal milestone in moving ahead with development of the massive Lake Dick copper-gold deposit in Pakistan, one of the world's largest undeveloped copper-gold deposits near the borders of Iran and Afghanistan. The company plans to deliver production from the first phase as early as 2027-2028 at a cost of about US$4 billion, with the second phase to be completed within five years at a cost of about US$3 billion. Barrick Gold owns 50% of the project, with Pakistan owning the remaining 50%.

Located in Baluchistan province, the Reco-Dick project is one of the world's largest undeveloped copper-gold deposits, with a potential mine life of more than 50 years.

△ △ Founded in 1983 and headquartered in Toronto, Canada, Sanaullah Haider, director of the project Traffic Operation Center, said: is one of the largest gold producers in the world.

Pakistan's mineral exports are small, and even though Pakistan's mineral resources are similar or larger than those of neighboring countries, it lags far behind surrounding countries in mineral extraction and export due to lack of planning and execution.  In 2019, Pakistan's total mineral exports were only US$1.13 billion, while Pakistan's total mineral imports were US$5.42 billion, which ultimately resulted in a growing account deficit.

Of particular concern is the contribution of the mining sector to GDP in neighboring countries: 25% in China, 22.1% in Iran, 4.4% in Afghanistan and only 2.5% in Pakistan.