Pakistan’s Reko Diq mine to generate $74 billion in free cash flow over 37 years — Barrick CEO

Pakistan’s Reko Diq mine to generate $74 billion in free cash flow over 37 years — Barrick CEO
Mark Bristow, CEO of Barrick Gold Co., speaks during the Investing in African Mining Indaba 2023 conference in Cape Town, South Africa on February 8, 2023. (REUTERS/File)
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Updated 21 January 2025
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Pakistan’s Reko Diq mine to generate $74 billion in free cash flow over 37 years — Barrick CEO

Pakistan’s Reko Diq mine to generate $74 billion in free cash flow over 37 years — Barrick CEO
  • Bristow says project’s timeline on track, with fencing, accommodation, and surveys already completed
  • Saudi mining firm Manara Minerals could invest in Reko Diq in next two quarters, Pakistani petroleum minister has said

KARACHI: The Reko Diq copper and gold project in Pakistan is expected to generate approximately $74 billion in free cash flow over the next 37 years, based on consensus long-term prices, the CEO of joint owner Barrick Gold said in a media interview.

Barrick Gold owns a 50 percent stake in the Reko Diq mine and the governments of Pakistan and the province of Balochistan own the other 50 percent. Barrick considers the mine one of the world’s largest underdeveloped copper-gold areas, and its development is expected to have a significant impact on Pakistan’s struggling economy.

The project, which was delayed due to a long running dispute that ended in 2022, is expected to start production by the end of 2028. It will produce 200,000 tons of copper per year in its first phase, with an estimated cost of $5.5 billion. The first phase is expected to be completed by 2029, Barrick’s CEO Mark Bristow told Pakistani digital media outlet Dawn News English.

A second phase, estimated to cost $3.5 billion, will double production, he added.

The mine is estimated to have reserves lasting 37 years but Bristow said that through upgrades and expansions it could potentially be mined for much longer.

A free cash flow of $74 billion could generate significant dividends, royalties and taxes for Pakistan, which currently has only around $11 billion in foreign reserves.

Barrick is also in talks with railway authorities and infrastructure providers to revamp the coal terminal in Port Qasim, on the outskirts of Pakistan’s port city Karachi, to develop infrastructure to transport copper in the country and for export.

Bristow said the project’s timeline is on track, with fencing, accommodation, and surveys already completed.

Saudi Arabian mining company Manara Minerals could invest in Pakistan’s Reko Diq mine in the next two quarters, Pakistani Petroleum Minister Musadik Malik said last week.

Executives from Manara visited Pakistan in May last year for talks about buying a stake in the project. Pakistan is also in talks with other Gulf countries about mining opportunities, Malik said.


Pakistan’s climate minister orders action over black bear killing in northern region

Pakistan’s climate minister orders action over black bear killing in northern region
Updated 12 July 2025
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Pakistan’s climate minister orders action over black bear killing in northern region

Pakistan’s climate minister orders action over black bear killing in northern region
  • Video of the incident shows men pushing an unconscious bear down a rocky slope
  • Dr. Musadik Malik calls such acts of violence against wildlife ‘utterly unacceptable’

ISLAMABAD: Federal Minister for Climate Change Dr. Musadik Malik on Saturday ordered strict action against a group of people who killed a black bear in the northern region of Gilgit-Baltistan, according to an official statement, saying such brutality cannot be overlooked under any circumstances.

A video of the incident circulating on social media shows three individuals pushing the unconscious bear down a rocky mountainside. Authorities have already lodged a police complaint and are working with the local community to ensure the accused are brought to justice.

“Such acts of violence against wildlife are utterly unacceptable and will not be allowed to continue under any circumstances,” an official statement quoted Malik as saying.

This screengrab from a viral video shows a Himalayan black bear being thrown off a cliff after reportedly being tortured and killed in Gilgit-Baltistan, Pakistan. (APP/Screengrab)

It added he had “directed the Wildlife Management Boards to take strict and immediate action against those responsible.”

The minister also stressed his commitment to protecting Pakistan’s wildlife and enforcing conservation laws across all regions, adding that community engagement was critical to prevent such incidents.

Acts of animal cruelty are not rare in Pakistan. In June 2024, a landlord in Sanghar district, Sindh, ordered the brutal amputation of a camel’s leg for straying into his fields. Days later, another mutilated camel was found dead in the region with its legs amputated.

Animal rights activists have also condemned practices like bear dancing, where the animals are trained by being forced to stand on hot metal plates, and bear baiting, a blood sport in which the chained bear is attacked by dogs for public spectacle.

Though officially banned, both practices have been reported in parts of the country over the years.


Pakistan PM defends tough structural reforms, says country can’t afford ‘business as usual’

Pakistan PM defends tough structural reforms, says country can’t afford ‘business as usual’
Updated 12 July 2025
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Pakistan PM defends tough structural reforms, says country can’t afford ‘business as usual’

Pakistan PM defends tough structural reforms, says country can’t afford ‘business as usual’
  • Shehbaz Sharif describes Pakistan’s economic stabilization efforts as ‘a long and thorny journey’
  • He says merit is central to his governance model as his administration works to fix the economy

ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday strongly defended his government’s structural reform agenda, particularly in tax administration, saying that difficult and often unpopular decisions were necessary to rebuild national institutions, as the country could no longer afford “business as usual.”

Speaking at an orientation session for participants of the Uraan Pakistan youth program, Sharif recalled the fragile economic conditions he inherited after assuming power following last year’s general elections.

He noted that Pakistan had narrowly avoided a sovereign default in mid-2023, when inflation surged to nearly 38 percent, before securing a critical bailout package from the International Monetary Fund (IMF).

The prime minister said his administration took on the “onerous task” of stabilizing the economy under immense pressure, choosing to pursue long-delayed reforms rather than temporary fixes.

“Pakistan had to undertake these long-overdue, deep structural changes if we had to find our lost place in the comity of nations through hard and untiring efforts,” he said.

Sharif pointed to a set of key reforms aligned with IMF recommendations, including the digitization of the Federal Board of Revenue (FBR).

He noted the transition from paper-based tax systems to digital and AI-led processes was already bearing fruit.

“Faceless interactions — these terminologies were unknown in FBR,” he said, adding that one previously underperforming sector saw its tax contribution rise from Rs12 billion to over Rs50 billion within a year due to improved enforcement.

The prime minister said his administration had prioritized accountability, removing senior FBR officials accused of corruption and resisting political pressure in doing so.

“It’s a long and thorny journey,” he continued. “We are facing bumps on the way and mountain-like impediments. But I can assure you, we will not shy away from discharging our responsibility.”

Sharif maintained that merit would remain the cornerstone of his governance model.

“Delivery is the name of the game,” he said. “Performance is the name of the game.”


Pakistan won’t send hockey teams to India — official sources

Pakistan won’t send hockey teams to India — official sources
Updated 12 July 2025
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Pakistan won’t send hockey teams to India — official sources

Pakistan won’t send hockey teams to India — official sources
  • The two nuclear-armed states had a four-day military standoff in May that left 70 people dead
  • Pakistan’s refusal to participate in the Asia Cup can cost the team a place in next year’s World Cup

KARACHI: Pakistan will not travel to India for upcoming hockey tournaments over “security” concerns, government sources told AFP on Saturday, potentially jeopardizing their place in next year’s World Cup.

The nuclear-armed neighbors traded the worst violence in decades during a four-day conflict in May that killed 70 people.

Pakistan was due to participate in the Men’s Asia Cup for field hockey to be hosted by India in August and September, for which the federation had sought the government’s clearance.

“After the recent war the security and safety of our hockey players will be at risk,” said a sports ministry source, who asked not to be identified.

Pakistan will also not participate in the Junior World Cup in India in November, the source said.

Once a force in international hockey, with three Olympic gold medals and four world titles, Pakistan has slumped to 15th in the rankings.

Not featuring in the Asia Cup will likely cost Pakistan a place in next year’s senior World Cup to be held in the Netherlands and Belgium.

A second government source also confirmed the decision to AFP.

Pakistan’s foreign office has not responded to AFP’s request for comment.

India stalled all bilateral sporting ties with Pakistan in the wake of the 2008 Mumbai attacks, which it blamed on militants based across the border.

Cricket has been the most affected sport, with the two countries only meeting each other in multinational events abroad.

India refused to visit Pakistan this year when it hosted the Champions Trophy, forcing the final to be staged on neutral ground in Dubai.

In a tit-for-tat move, Pakistan will also not send its women’s cricket team to India for the 50-over World Cup later this year and the T20 World Cup in 2026.

They agreed instead to play their matches in Sri Lanka.

Pakistan’s hockey team last toured India for the 2023 Asian Champions Trophy, finishing fifth among six teams.


Pakistan seeks closer security ties with Bahrain to curb drugs, human smuggling

Pakistan seeks closer security ties with Bahrain to curb drugs, human smuggling
Updated 12 July 2025
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Pakistan seeks closer security ties with Bahrain to curb drugs, human smuggling

Pakistan seeks closer security ties with Bahrain to curb drugs, human smuggling
  • Both countries share a longstanding partnership spanning diplomacy, security and people-to-people ties
  • Mohsin Naqvi emphasizes enhanced cooperation in counterterrorism during his visit to the Gulf country

ISLAMABAD: Pakistan’s Interior Minister Mohsin Naqvi on Saturday called for deeper cooperation with Bahrain to combat narcotics trafficking and human smuggling, as both countries reaffirmed their commitment to strengthening bilateral security ties during his official visit to the Gulf state.

Pakistan and Bahrain share a longstanding relationship encompassing diplomacy, security, economic exchange and people-to-people links. Since the establishment of diplomatic ties in 1971, the two nations have developed close political and military cooperation, including defense training, joint security initiatives and regular high-level engagements.

In recent years, with rising concerns over drug trafficking and human smuggling, both countries have intensified efforts to coordinate through formal channels to facilitate intelligence sharing and law enforcement collaboration.

“Enhanced cooperation between the interior ministries of Pakistan and Bahrain to counter narcotics and human smuggling is the need of the hour,” Naqvi said, according to an official statement issued after his meeting with his Bahraini counterpart, General Shaikh Rashid bin Abdullah Al Khalifa.

The ministers discussed issues of mutual interest and emphasized the importance of strengthening bilateral cooperation in counterterrorism.

The discussion also emphasized the need to enhance the effectiveness of the Pakistan–Bahrain Joint Security Committee, a formal mechanism for coordinating on counterterrorism and related issues, while exploring ways to jointly address broader regional and global security challenges.

Bahrain’s interior minister welcomed the visit as an opportunity to deepen existing ties, describing the security cooperation and coordination between the two countries as “valued and constructive.”

He also expressed appreciation for Pakistan’s continued engagement across a range of sectors, with particular emphasis on security.


Ex-PM Khan aides rally to Lahore to discuss party’s strategy, upcoming protest movement

Ex-PM Khan aides rally to Lahore to discuss party’s strategy, upcoming protest movement
Updated 12 July 2025
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Ex-PM Khan aides rally to Lahore to discuss party’s strategy, upcoming protest movement

Ex-PM Khan aides rally to Lahore to discuss party’s strategy, upcoming protest movement
  • The development comes days after Punjab Assembly speaker suspended 26 PTI Punjab lawmakers for 15 sittings following a ruckus in House
  • Last week, the party announced it would launch a nationwide protest movement against the government after the Islamic month of Muharram

ISLAMABAD: Former prime minister Imran Khan’s top aides left for the eastern city of Lahore from the northwestern Khyber Pakhtunkhwa (KP) province and other parts to discuss the party’s political strategy and shape its protest movement against the government.

The development comes days after PTI provincial lawmakers protested in the Punjab Assembly during Chief Minister Maryam Nawaz Sharif’s speech on June 27, wherein she highlighted her government’s achievements and budget priorities, prompting the speaker to suspend 26 PTI members of the provincial assembly (MPAs) for 15 sessions.

However, members of the PTI, which plans to launch an anti-government protest movement later this month, maintained on their way to Lahore that the objective of their gathering in the eastern city was to express solidarity with the party’s suspended lawmakers, shape their future strategy and discuss matters relating to their upcoming movement.

“We have to take this [movement] up to the maximum till August 5 and for that, this is our first meeting being held in Lahore,” Ali Amin Gandapur, the KP chief minister and a top Khan aide, told reporters in Jhelum.

Gandapur didn’t offer further details and said their future course of action will be shared in due course.

Gohar Khan, another senior PTI member, said they had informed the Punjab government about their meeting in Lahore through a formal letter.

“We will go there today, and tomorrow brief discussion will take place there. But this is not a rally, we are going for a meeting,” he said. “Our 26 parliamentarians, MPAs, have been suspended... and we have summoned a parliamentary party meeting over there to finalize a future strategy.”

The PTI last week announced it would launch a nationwide protest movement against the government after the Islamic month of Muharram, days after Pakistan’s top court denied the party reserved parliamentary seats for minorities and women.

The party has frequently held protests in recent years, demanding a probe into Feb. 2024 election results and the release of Khan, who has been jailed for nearly two years. Pakistani authorities deny the allegations and accuse the ex-premier and his party of leading violent anti-government protests in the past, particularly in May 2023 and Nov. 2024.

The PTI announced the latest round of protests after the Supreme Court’s constitutional bench on June 27 ruled that the party was not entitled to reserved seats in the national and provincial assemblies, upholding an earlier verdict by the Peshawar High Court. The dispute arose after the PTI lost its electoral symbol ahead of the February 8, 2024 national polls and its candidates contested as independents.

Despite PTI-backed candidates winning the most general seats, the party was denied reserved seats for women and minorities, which are allocated to political parties based on proportional representation, by the Election Commission of Pakistan (ECP).