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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
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

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.
Ƶn 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 condemns recent Red Sea attacks, calls for protection of navigation routes

Pakistan condemns recent Red Sea attacks, calls for protection of navigation routes
Updated 59 sec ago

Pakistan condemns recent Red Sea attacks, calls for protection of navigation routes

Pakistan condemns recent Red Sea attacks, calls for protection of navigation routes
  • Houthis last month sank two commercial ships in the Red Sea, prompting strong a protest from Washington
  • Pakistan’s UN envoy says Islamabad ready to work with all countries to uphold international law, make oceans safe

ISLAMABAD: Pakistan’s United Nations Ambassador Asim Iftikhar Ahmed this week condemned the recent attacks on commercial ships in the Red Sea, calling for the protection of navigation routes and greater maritime cooperation worldwide.

Ahmed was speaking at the UN Security Council open debate on ‘Maritime Security: Prevention, Innovation, and International Cooperation to Address Emerging Challenges’ on Monday. During the meeting, the Red Sea attacks from last month came under discussion. Washington accused Iran of fueling maritime insecurity in the Red Sea by supplying weapons and other materials to the Houthis.

Washington’s acting ambassador, Dorothy Shea, condemned the Houthis for the recent attacks in the Red Sea that resulted in the sinking of two commercial ships, the deaths of crew members and the taking of hostages.

According to international news agency Reuters, Houthis have targeted more than 100 merchant ships traveling through the Red Sea since November 2023, sinking four vessels, seizing another and killing at least eight sailors.

“Attacks on commercial shipping undermine maritime security and global trade,” Ahmed said at the debate. “We condemn such acts, including the recent Red Sea incidents, and support the Secretary-General’s call for restraint, and protection of navigation routes.”

The Pakistani envoy said, without naming any countries, that attempts to dominate maritime spaces or marginalize coastal states must be rejected, labeling them as “counterproductive.” He said oceans must remain zones of peace, prosperity, and inclusive development.

Ahmed said Pakistan regards the Arabian Sea as its “fifth neighbor“— a cornerstone of the country’s economic ambition and strategic horizon.

“Positioned at the junction of vital sea lanes, Pakistan is uniquely placed to serve as a premier trans-shipment hub and the primary gateway linking the landlocked heart of Central Asia with the global trading system,” he added.

The Pakistani envoy pointed out that Islamabad remains a longstanding, active contributor to international maritime security. He said the country’s navy participates in the Combined Maritime Forces Task Forces 150 and 151, and conducts regular Regional Maritime Security Patrols to ensure safe and secure seas.

Ahmed said Pakistan also takes pride in regularly hosting the multinational Exercise AMAN in Karachi, which is one of the largest naval gatherings in the region.

“The 9th edition of AMAN held in February this year, brought together over 60 navies from across the world in a demonstration of unity and shared commitment to cooperative security at sea,” he said.

Ahmed said emerging technologies such as artificial intelligence, satellite monitoring and analytics are transforming maritime security but are also posing certain cyber weaponization and inequality risks. He stressed the need to develop these technologies responsibly, with equitable access and safeguards.

“Pakistan stands ready to work with all countries to safeguard the maritime domain, uphold international law, and ensure our oceans remain open, peaceful, and shared for the benefit of all humankind,” Ahmed concluded.


Pakistan denies nuclear threat claims, says India misrepresenting army chief’s US remarks

Pakistan denies nuclear threat claims, says India misrepresenting army chief’s US remarks
Updated 36 min 26 sec ago

Pakistan denies nuclear threat claims, says India misrepresenting army chief’s US remarks

Pakistan denies nuclear threat claims, says India misrepresenting army chief’s US remarks
  • Islamabad says Gen Munir’s US speech being twisted by New Delhi’s foreign ministry
  • Pakistani defense minister claims India’s PM reeling from military setback, US tariffs

ISLAMABAD: Pakistan’s defense minister on Monday dismissed Indian accusations of “sabre-rattling,” saying New Delhi’s claims about alleged nuclear threats by the Pakistani army chief were baseless and reflected domestic political pressures on Indian Prime Minister Narendra Modi.

The comments followed a statement by India’s Ministry of External Affairs (MEA) accusing Pakistan of “sabre-rattling” and “irresponsibility” after media reports claimed Army Chief Field Marshal Asim Munir had hinted at the possible use of nuclear weapons during a speech in Florida, framing it as a warning to New Delhi in light of recent military tensions.

Indian officials argued that such comments, if accurate, amounted to “nuclear sabre-rattling” — a term used to describe provocative or threatening language about deploying nuclear arms — and said it was particularly irresponsible to make them while abroad in a “friendly third country.”

Munir was said to have spoken at a black-tie dinner hosted by a Pakistani-origin businessman in Florida on Saturday, attended by more than 100 guests. An excerpt of his speech shared by Pakistani security officials did not contain any such remarks, while Pakistan’s foreign office said the Indian MEA’s statement was “yet another demonstration of their chronic tendency to distorting facts and twisting statements out of context.”

“This is a totally baseless thing, [they] are trying to make an issue [out of Munir’s remarks],” Defense Minister Khawaja Asif said in an interview to a private news channel. “These things reflect one thing… internally, Modi has been devastated, with no reputation left.”

Asif said Modi was under intense pressure following the outcome of a four-day military standoff between India and Pakistan in May, as well as an increase in US tariffs linked to New Delhi’s purchase of Russian crude oil. 

India and Pakistan, both nuclear-armed neighbors with a history of wars and border clashes, fought their deadliest battle in decades in May after an attack in Indian-administered Kashmir killed 26 civilians. The skirmish quickly escalated into aerial combat.

Pakistan claimed its air force used Chinese-built J-10C fighter jets to shoot down six Indian aircraft, including three French-made Rafales. Last week, Indian Air Chief A.P. Singh said his country had also downed six Pakistani jets, which Islamabad denies. 

In the interview on Monday, Asif warned that Modi’s political troubles could prompt risky military moves: “He could resort to something which is, which could, you know, amount to a war, amount to something desperate in this region.”

In its statement, the Indian MEA described “nuclear sabre-rattling” as Pakistan’s “stock-in-trade,” and said it was “regrettable that the reported remarks have been made while in a friendly third country.”

The version of Munir’s speech released by Pakistani officials read: “The (Indian) aggression has brought the region to the brink of a dangerously escalating war, where a bilateral conflict due to any miscalculation will be a grave mistake.”

Pakistan’s foreign office rejected India’s allegations as “a misleading and self-serving construct,” saying:

“Pakistan remains firmly opposed to the use or threat of use of force. India’s sabre-rattling and war mongering, whenever confronted, invite unfounded allegations bereft of rationality.”


US designates Balochistan Liberation Army, active in Pakistan, as ‘foreign terrorist organization’

US designates Balochistan Liberation Army, active in Pakistan, as ‘foreign terrorist organization’
Updated 11 August 2025

US designates Balochistan Liberation Army, active in Pakistan, as ‘foreign terrorist organization’

US designates Balochistan Liberation Army, active in Pakistan, as ‘foreign terrorist organization’
  • The BLA is the most prominent of separatist groups operating in Pakistan’s Balochistan, the site of a long-running insurgency
  • The foreign terrorist organization designation by US triggers restrictions on providing financial support, other aid to such groups

KARACHI: The United States (US) is designating the Balochistan Liberation Army (BLA), a separatist militant group active in Pakistan’s southwestern Balochistan province, as a “foreign terrorist organization,” the State Department said on Monday.

Balochistan, Pakistan’s largest but most impoverished province, has been the site of a long-running insurgency that has intensified in recent months, with separatist militants attacking security forces, government officials and installations and people from other provinces.

The BLA, which also uses the alias of ‘The Majeed Brigade,’ is the most prominent of separatist groups in Balochistan, which borders Iran and Afghanistan and is home to key China-led infrastructure projects, including a port and a gold-copper mine.

In March, the group claimed responsibility for the hijacking of the Jaffar Express train traveling from Quetta to Peshawar, killing 31 civilians and security personnel and holding hostage over 300 train passengers. In 2024, it claimed suicide attacks on Chinese nationals in Karachi and Gwadar.

“Today’s action taken by the Department of State demonstrates the Trump Administration’s commitment to countering terrorism,” Secretary of State Marco Rubio was quoted as saying by the State Department.

“Terrorist designations play a critical role in our fight against this scourge and are an effective way to curtail support for terrorist activities.”

The foreign terrorist organization designation by the US triggers restrictions on providing financial support and other aid to the group.

The US designation of the BLA comes amid a spike in militant violence in Pakistan’s Balochistan, which Islamabad has blamed on India and Afghanistan. New Delhi and Kabul deny the allegation.

On Monday, Pakistan Railways suspended all train services to and from the insurgency-hit southwestern province for four days after separatists blew up a railway track, derailing six cars of the Jaffar Express train, officials said. The BLA claimed responsibility for the attack, which came as Pakistan prepares to mark its 79th Independence Day on Aug. 14.

Separatist groups operating in the mineral-rich region accuse the central government of stealing their resources to fund development elsewhere in the country. The federal government denies the allegations and says it is working for the uplift of local communities in Balochistan.


Court of Arbitration’s latest award on Indus Waters Treaty vindicates Pakistan’s stance — FO

Court of Arbitration’s latest award on Indus Waters Treaty vindicates Pakistan’s stance — FO
Updated 11 August 2025

Court of Arbitration’s latest award on Indus Waters Treaty vindicates Pakistan’s stance — FO

Court of Arbitration’s latest award on Indus Waters Treaty vindicates Pakistan’s stance — FO
  • Pakistan and India have been arguing over hydroelectric projects on the shared Indus basin and its tributaries for decades
  • Islamabad says award details criteria for new hydropower projects to be constructed by India on Chenab, Jhelum and Indus

ISLAMABAD: Pakistan on Monday said the latest award on the Indus Waters Treaty (IWT), rendered by Court of Arbitration, is in line with Pakistan’s interpretation of the relevant provisions of the treaty, which India has threatened to put in abeyance.

India announced in April it was putting the 1960 World Bank-mediated treaty, which ensures water for 80 percent of Pakistani farms, in abeyance a day after an attack in Indian-administered Kashmir that New Delhi blamed on Pakistan, an allegation Islamabad denies. Pakistan has previously said the treaty has no provision for one side to unilaterally pull back and that any blocking of river water flowing to Pakistan will be considered “an act of war.”

The IWT grants Pakistan rights to the Indus basin’s western rivers — Indus, Jhelum, and Chenab — for irrigation, drinking, and non-consumptive uses like hydropower, while India controls the eastern rivers — Ravi, Beas, and Sutlej — for unrestricted use but must not significantly alter their flow. India can use the western rivers for limited purposes such as power generation and irrigation, without storing or diverting large volumes, according to the agreement.

In a statement issued on Monday, Pakistan’s foreign office said it welcomed the award rendered by the Court of Arbitration on Aug. 8 on issues of general interpretation of the IWT, explaining the designed criteria for the new run-of-river hydropower projects to be constructed by India on the western rivers of Chenab, Jhelum and Indus. New Delhi has not yet commented on the development.

“In a significant finding, the Court has declared that India shall ‘let flow’ the waters of the western rivers for Pakistan’s unrestricted use. In that connection, the specified exceptions for generation of hydro-electric plants must conform strictly to the requirements laid down in the Treaty, rather than to what India might consider an ‘ideal’ or ‘best practices’ approach,” the foreign office statement read.

“​The Court’s findings on low-level outlets, gated spillways, intakes for the turbines, and free-board are in line with Pakistan’s interpretation of the relevant provisions of the Treaty. The Award also limits India from maximizing the pondage volume.”

The South Asian neighbors have been arguing over hydroelectric projects on the shared Indus river and its tributaries for decades, with Pakistan complaining that India’s planned hydropower dams will cut its flows.

Notably, the Court observed that the awards of a Court of Arbitration are “final and binding on the parties (India and Pakistan),” and have a controlling legal effect on subsequent Courts of Arbitration and neutral experts, according to the Pakistani foreign office.

Recognizing Pakistan’s vulnerability as the downstream riparian, the Court has further observed that the object and purpose of the Indus Waters Treaty, as it relates to the western rivers, is to de-limit the two states’ respective rights and obligations, in conjunction with mutual cooperation and effective dispute resolutions procedures. 

“The award carries special significance in the wake of India’s recent announcement to hold the Indus Waters Treaty in abeyance, and its earlier decision to boycott the proceedings of the Court of Arbitration. It is an endorsement of Pakistan’s historical stance on the afore-stated issues,” the foreign office said.

“Pakistan remains committed to full implementation of the Indus Waters Treaty. It also expects India to immediately resume the normal functioning of the Treaty, and faithfully implement the award announced by the Court of Arbitration.”


Pakistan denies India’s ‘sabre rattling’ allegations, vows ‘matching response’ to aggression

Pakistan denies India’s ‘sabre rattling’ allegations, vows ‘matching response’ to aggression
Updated 11 August 2025

Pakistan denies India’s ‘sabre rattling’ allegations, vows ‘matching response’ to aggression

Pakistan denies India’s ‘sabre rattling’ allegations, vows ‘matching response’ to aggression
  • India accused Pakistan of sabre rattling after reports of remarks about nuclear threats in South Asia by Pakistani army chief on US visit
  • Islamabad says it remains firmly opposed to the use or threat of use of force, adding that Indian allegations are ‘bereft of rationality’

ISLAMABAD: Pakistan’s foreign office on Monday rejected Indian allegations of “sabre rattling” as misleading, promising a “matching response” to any aggression by New Delhi.

India’s ministry of external affairs (MEA) accused Pakistan of “sabre rattling” and “irresponsibility” after media reports on remarks about nuclear threats in South Asia made by Pakistan’s army chief while on a visit to the United States (US).

Pakistan’s Field Marshal Asim Munir was said to have made the remarks at a black-tie dinner hosted by a Pakistani-origin businessman in Florida on Saturday, where he spoke to a crowd of more than 100 people.

An excerpt of his speech shared by Pakistani security officials did not include such remarks, while the foreign office in Islamabad said the Indian MEA’s statement was yet another demonstration of their “chronic tendency to distorting facts and twisting statements out of context.”

“The Indian narrative of an alleged ‘nuclear blackmail’ is a misleading and self-serving construct,” it said in a statement. “Pakistan remains firmly opposed to the use or threat of use of force. India’s sabre rattling and war mongering, whenever confronted, invite unfounded allegations bereft of rationality.”

India and Pakistan both possess nuclear weapons and fought their deadliest battle in decades in May, sparked by an attack on tourists the previous month in Indian-administer Kashmir, which killed 26 civilians.

“Nuclear sabre-rattling is Pakistan’s stock-in-trade,” Randhir Jaiswal, the spokesperson of India’s MEA, said, adding that it was regrettable that the reported remarks have been made while in a friendly third country.

“The international community can draw its own conclusions on the irresponsibility inherent in such remarks.”

In a version of the speech shared by Pakistani security officials, Munir said: “The (Indian) aggression has brought the region to the brink of a dangerously escalating war, where a bilateral conflict due to any miscalculation will be a grave mistake.”

The Pakistani army chief was on a visit to the US to attend a farewell event for General Michael Kurilla, the 15th commander of the United States Central Command. India previously lodged a private diplomatic protest with Washington when President Donald Trump hosted Munir for a lunch at the White House in June.

In its statement on Monday, the foreign office said Pakistan is a responsible nuclear weapon state with an elaborate command and control structure under full civilian control, and it has always exercised discipline and restraint while dealing with the issues of such importance.

“The Indian MEA’s spurious insinuations are irresponsible and without a shred of evidence,” it said. “We also note with concern a pointless reference to the third countries, in a bid to exert pressure on Pakistan. This not only reflects India’s lack of diplomatic confidence but also constitutes a futile attempt to unnecessarily involve other countries.”

Some analysts believe that India’s disagreement with Washington over the May 10 ceasefire with Pakistan, and Trump’s renewed engagement with Islamabad, have contributed to a recent setback in ties between New Delhi and Washington under the Trump administration.

Pakistan shall continue to act as a responsible member of the comity of nations, its foreign office reiterated.

“However, any act of Indian aggression or violation of Pakistan’s sovereignty and territorial integrity will be met with an immediate and matching response,” it said. “The onus of any ensuing escalation will rest squarely with the Indian leadership.”