Barrick CEO Bristow says Reko Diq project ‘like the early days in Chile’

As Barrick Gold expands its copper exposure, CEO Mark Bristow says he’s “super excited” about the company’s Reko Diq copper-gold development in Pakista, MININIG.COM reported.

“This is like the early days in Chile, the Escondida discoveries and so on,” he said at the Gold Forum Americas in Colorado Springs, referring to Pakistan’s untapped discovery potential. “It’s a real endowment for the people of Balochistan, and for greater Pakistan…the challenge is to develop something that does really benefit all stakeholders … and Pakistan could do with a really big economic injection,” he added.

Bristow said supply constraints for gold and copper and the strong demand are pushing prices higher, while both suffer from weak development pipelines. The company is expanding its Lumwana copper mine in Zambia and Reko Diq in Pakistan, both of which will add to its copper output while driving local economic development.

Saudi Arabia to invest $1.7 billion in Reko Diq

“Copper has no substitutes,” Bristow said. “It is as strategic as gold is precious, and we’re bringing new copper projects online just as the supply squeeze hits.”

The challenge is to develop something that does really benefit all stakeholders … and Pakistan could do with a really big economic injection.

Mark Bristow, Barrick Gold CEO

Bristow also addressed the suspension of operations at Barrick’s Porgera gold mine in Papua New Guinea last month due to local clan violence. He reinforced the company’s commitment to making a positive social and environmental impact, especially in emerging markets.