Barrick Gold seeks $2 billion for Reko Diq project financing

Barrick Gold is set to secure over $2 billion in financing for its Reko Diq copper and gold project in Pakistan, with term sheets expected to be finalized by early Q3. The project, one of the largest undeveloped copper-gold deposits globally, is projected to generate $70 billion in free cash flow and $90 billion in operating cash flow over its lifespan. Financing discussions involve $650 million from the World Bank's International Finance Corporation, up to $1 billion from the U.S. Export-Import Bank, and additional funds from other development finance institutions. Recent feasibility studies have increased the project's throughput for phase one to 45 million tons per year and adjusted its cost to $5.6 billion, while the mine's expected operational life has been revised to 37 years. Barrick Gold shares ownership of the project with the governments of Pakistan and Balochistan. The company aims to begin production in 2028, contingent on securing the necessary financing.