Barrick Mining expresses interest in mineral processing industries in Karachi, Gwadar

Why This Matters

Key context: <p>The delegation from the Barrick Mining Corporation on Friday expressed strong interest in investing in the establishment of mineral processing industries in Karachi and Gwadar.</p> <p>The development came as the delegation, led by Chairman John Thornton, held a meeting with Prime Minister Shehbaz Sharif in Islamabad, a statement by the Prime Minister’s Office (PMO) said on X.</p> <p>According to the PMO, the visiting delegation described the decision by the prime minister and the government to hold a <a href="https://www.dawn.com/news/2044267/pakistan-aiming-to-become-competitive-destination-for-long-term-investment-cdf-munir-tells-minerals-moot">minerals conference</a> as an important step towards mineral development in Pakistan.</p> <figure class='media w-full w-full media-- media--embed media--uneven media--tweet' data-original-src='https://x.com/PakPMO/status/2121217822659612912?a=i2DZ-yNPC1spWXVIu_Q&amp;s=20'> <div class='media__item media__item--twitter '><span> <blockquote class="twitter-tweet" lang="en"> <a href="https://twitter.com/PakPMO/status/2121217822659612912?a=i2DZ-yNPC1spWXVIu_Q&amp;s=20"></a> </blockquote> </span></div> </figure> <p>“The delegation expressed strong interest in investing in the establishment of mineral processing industries in Karachi and Gwadar,” the statement added.</p> <p>It quoted the premier as saying that Pakistan was a country rich in natural resources and mineral wealth. He said that harnessing these resources to develop the province and improve the prosperity of its people was the government’s top priority.</p> <p>“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.</p> <p>Pakistan was committed to putting its vast mineral resources to use and creating new opportunities for global investment, he added.</p> <p>The prime minister further said that the Reko Diq project was an important milestone for investment in Pakistan’s mineral sector and was of key importance to the country’s economic future.</p> <p>“The success of the Reko Diq project will set a benchmark for future mineral investment in Pakistan,” PM Shehbaz said, adding that to develop the mineral sector, the government of Pakistan was creating a favourable environment based on “trade, investment, infrastructure and modern technology”.</p> <p>“The Reko Diq project is an important milestone for investment in Pakistan’s mineral sector, and that its success will also serve as a model for future projects,” he said.</p> <p>During the meeting, the prime minister said that Balochistan was rich in natural resources and mineral wealth and that these resources could be harnessed effectively to develop the province, improve the prosperity of its people and increase employment opportunities.</p> <p>“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.”</p> <p>The prime minister also welcomed Barrick Mining Corporation’s participation in the Pakistan Minerals Investment Forum 2026, the statement said.</p> <p>The meeting also discussed policy, regulatory and infrastructure frameworks conducive to the mineral sector in Pakistan, the statement said.</p> <p>It added that the prime minister also expressed a desire to draw on Barrick’s expertise and experience to develop Pakistan’s mineral sector beyond Reko Diq.</p> <p>The Reko Diq mine, one of the world’s largest underdeveloped copper-gold deposits, is hoped to generate $70bn in free cash flow and $90bn in operating cash flow.</p> <p>Canadian mining titan Barrick Mining (formerly Gold) Corporation and the federal and Balochistan governments own the project jointly.</p> <p>According to <a href="https://www.dawn.com/news/2041490">government sources and industry insider</a>s, production at the Reko Diq copper-gold project could be delayed by two years to 2030, pending improved security in Balochistan and de-escalation in the Middle East crisis.</p> <h2><a id="another-delegation-meets-pm-shehbaz" href="#another-delegation-meets-pm-shehbaz" class="heading-permalink" aria-hidden="true" tabindex="-1" title="Permalink"></a>Another delegation meets PM Shehbaz</h2> <p>Separately, Ivanhoe Mines’ founder and executive co-chairman Robert Friedland also met with the premier, with the latter asserting that Pakistan was rich in mineral resources and that the government was committed to working with global partners to harness the country’s vast reserves of copper, gold and other critical minerals.</p> <p>According to a statement by the PMO, designating Pakistan a “priority destination” for mineral investment reflects growing confidence among global investors in the country mineral potential and investment climate.</p> <figure class='media w-full w-full media-- media--embed media--uneven media--tweet' data-original-src='https://x.com/PakPMO/status/2121248758075973636'> <div class='media__item media__item--twitter '><span> <blockquote class="twitter-tweet" lang="en"> <a href="https://twitter.com/PakPMO/status/2121248758075973636"></a> </blockquote> </span></div> </figure> <p>PM Shehbaz also welcomed Ivanhoe Mines’ interest in Pakistan and its cooperation with local partners. Furthermore, per the statement, the PM said the exchange of MoUs at the <a href="https://www.dawn.com/news/2044267/pakistan-aiming-to-become-competitive-destination-for-long-term-investment-cdf-munir-tells-minerals-moot">Pakistan Minerals Investment Forum</a> was a “welcome” development.</p> <p>“Creating a conducive environment for investment in the minerals sector is among the government’s priorities. Ivanhoe Mines will be provided full facilitation through the Special Investment Facilitation Council,” the statement read.</p> <p>The delegation also praised the premier’s leadership and efforts to promote regional peace and stability as well as economic reforms, according to the statement.</p> <p>It quoted the premier as saying that Pakistan has “vast” reserves of copper, gold and critical minerals, “which could be harnessed to boost the national economy and improve public prosperity”.</p> <p>The meeting was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, federal Ministers Muhammad Aurangzeb and Ali Pervaiz Malik, Special Assistants Tariq Fatemi and Lieutenant General (Retd.) Muhammad Zafar Iqbal, and other senior officials.</p> This development from dawn.com highlights ongoing changes in the sector.