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Oil and Gas Development Company Ltd. has reassured investors that the multibillion dollar Reko Diq copper gold project will remain fully on track, dismissing concerns raised after reports of a possible restructuring at Barrick Gold. The company said the project’s ownership, timelines and commitments remain unchanged, ensuring stability for one of Pakistan’s biggest mineral ventures.
The clarification came during a corporate briefing held on November 24, where OGDCL management addressed speculation following a Reuters report that suggested Barrick might consider splitting its North American and international operations. The report further hinted that overseas mines, including Reko Diq, could be reviewed for potential sale after financing is completed. This triggered questions among local investors regarding the project’s future.
During the briefing, officials said that Barrick has directly assured Pakistani stakeholders that “Reko Diq remains a priority asset” and that any internal restructuring would not affect partnership arrangements. OGDCL explained that because the project includes several federal and provincial stakeholders, its ownership and development plan are secure regardless of changes within Barrick. The company highlighted that the legal framework and multi party ownership structure make the project resilient to corporate reorganizations.
Barrick’s interim CEO also reiterated through Reuters that the mining giant is firmly committed to the Reko Diq mine, calling it “one of the world’s largest undeveloped copper deposits.” The $7 billion project is a 50-50 joint venture between Barrick and Pakistani authorities, with first production expected by the end of 2028. Of Pakistan’s 50 percent stake, OGDCL and two other federal entities hold 25 percent, while the Government of Balochistan holds the remaining 25 percent, including a 10 percent free carried share.
OGDCL further told analysts that it expects annual cash flows of 150 to 200 million dollars from its 8 percent share, noting that these early returns will help finance the project’s second expansion phase. The company reaffirmed that work remains on schedule and the development of Reko Diq continues without disruption.
