Barrick Gold CEO Mark Bristow has dismissed speculation that the Canadian mining giant is acting as an intermediary between Pakistan and Saudi Arabia over the Reko Diq copper-gold project.
Speaking to Reuters on Monday, Bristow clarified that Saudi Arabia’s Public Investment Fund (PIF) is in direct talks with the Pakistani government regarding a potential investment in the multi-billion-dollar venture. Barrick owns 50 percent of Reko Diq, with the federal and Balochistan governments holding the remainder. The company considers it one of the world’s largest untapped copper-gold deposits, with development expected to provide a major boost to Pakistan’s struggling economy.
Bristow said the 2024 feasibility study confirmed reserves of 15 million tonnes of copper and 26 million ounces of gold at the site. He also noted that the World Gold Council is awaiting clarity from the United States on possible tariffs on gold bars, though any impact on mining firms would be limited, as producers are “price takers.”
Addressing Barrick’s operations in Africa, Bristow said the company has no plans to sell its Loulo-Gounkoto complex in Mali despite a worsening dispute with the country’s military government. In June, Malian authorities temporarily seized control of the mine over allegations of unpaid taxes and refusal to sign a new contract. The takeover led Barrick to book a pretax loss of $1.03 billion in the second quarter.
Despite the disruption, higher gold prices helped Barrick beat analyst forecasts for quarterly profit, offsetting lower production from Mali and other sites.
