RekoDiq update: Despite regional tensions, billion-dollar project moves forward

ISLAMABAD (Rizwan Abassi): Despite regional tensions and security concerns, significant progress has been made in Pakistan’s multi-billion-dollar Reko Diq gold and copper project. According to sources, Canadian company Barrick Gold has assured to continue work on the project.

Sources say that Barrick Gold had indicated to review the project in view of the security situation in the region; however, in the recent development, the company’s chairman visited Pakistan and held important meetings with the relevant authorities.

According to sources, as a result of the visit, the company has reiterated its commitment to the Reko Diq project and its determination to continue the project’s activities.

Sources said that Pakistan’s law enforcement and security agencies are active to ensure the complete safety of the project and investor confidence. Security arrangements are also being reviewed under the agreement to determine whether further security measures or additional resources are required.

According to sources, the parties also discussed the purchase of modern and robust machinery for the project. In this regard, various options for the supply of equipment and machinery through competitive bidding are being evaluated.

It should be noted that the Reko Diq project is one of the largest mineral projects in Pakistan and is considered very important for the promotion of the country’s economy, exports and foreign investment.