Barrick Gold is looking to secure up to $ 2 billion in financing for his Reco Diq Copper and Gold Project in Pakistan, with a term sheet expected to be completed at the beginning of Q3 2025, according to the project director.

The funding will support the development of Reko DIQ, one of the largest undeveloped copper gold deposits globally, which is expected to generate $ 70 billion in free cash flow and $ 90 billion in the operation of cash flow.

Reko Diq is a joint venture between Barrick Gold, the governments of Pakistan and Balochistan.

The phase 1 financing of the project, estimated to start production in 2028, is currently being negotiated with several international lenders.

Tim Cribb, Barrick Gold’s project director for Reko DIQ, revealed in an interview at the Pakistan Minerals Investment Forum 2025 that the mine is looking for $ 650 million in financing from International Finance Corporation (IFC) and International Development Association (IDA).

In addition, the project in talks with the US export import bank for funding $ 500 million to $ 1 billion, as well as $ 500 million from various development financing institutions, including Asian Development Bank, Export Development Canada and Japan Bank for International Cooperation.

“We expect to close the term sheet at the end of the 2nd quarter or the beginning of 3rd quarter,” said Cribb.

The Reko DIQ project has recently seen an upgrade to its extent. Phase 1 flow will increase to 45 million tonnes per year (MTPA) from 40 MTPA, and phase two flow rises to 90 MTPA from 80 MTPA.

Therefore, the mine’s life has been adjusted from 42 years to 37 years, although Barrick believes that further unmatched minerals can expand life to up to 80 years. The cost of phase 1 has also risen to $ 5.6 billion from $ 4 billion.

Cribb also mentioned that railway funding conversations are progressing, with infrastructure costs estimated between $ 500 million and $ 800 million, with the original costs associated with $ 350 million.

The financing agreement is expected to be supported by Oftake agreements with potential customers from Asia, including Japan and Korea, as well as European countries such as Sweden and Germany, who want to secure copper supplies for their industries.