Oil and Gas Development Company Limited (OGDC) has dismissed media speculation surrounding Barrick Gold’s reported corporate restructuring, assuring investors that the changes will not affect the Reko Diq project. This clarification was provided during a corporate briefing on November 24, 2025, attended by Topline Securities, according to a report.
OGDC management stated that Barrick Gold had assured them that Reko Diq remains a priority asset, and any potential corporate restructuring would not impact the project. The company emphasized that the media reports regarding Barrick’s possible split into two entities—one focusing on North America and the other on Africa and Asia—are speculative in nature.
The rumors surfaced after Reuters reported that Barrick’s board was considering a corporate split that could include the sale of its African assets, as well as the Reko Diq mine, once financing for the sale is secured.
Reko Diq is a major undeveloped copper and gold deposit in Balochistan, Pakistan, and is considered one of the world’s largest. The project is jointly owned by Barrick (50%), three federal state-owned enterprises including OGDC (25%), and the Government of Balochistan (25%), with the latter’s stake divided between fully funded (15%) and free-carried (10%) interests.
The project, slated to begin production in 2028, is expected to become a world-class copper-gold mine, with significant contributions to Pakistan’s economic development. OGDC’s 8% stake in the project is projected to generate average annual cash flows of approximately $150-200 million, which will help fund the second phase of the project’s expansion.
Management reassured that the project remains on track despite the rumors, and the expected cash flows from Reko Diq will be key to its future growth.
