Canadian mining giant Barrick Gold is in talks with the International Finance Corporation and other agencies to raise at least $2 billion for the first phase of the Reko Diq copper project in Pakistan.

The Reko Diq project is a joint venture between Barrick Gold (50%) and the government of Pakistan (50%). It is one of the world’s largest undeveloped copper mines, and the first phase of the project is expected to cost $5.5 billion.

Barrick CEO Mark Bristow is optimistic about the project’s potential, stating that the company is “building its own copper portfolio” and is not interested in bidding for Anglo American, which recently received a takeover offer from BHP.

Saudi Arabia is in talks to buy part of the government of Pakistan’s stake in the Reko Diq copper project, a joint venture between Canadian mining giant Barrick Gold and the Pakistani government.

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Bristow has stated that the company is open to bringing in Saudi Arabia’s Public Investment Fund (PIF) as a partner in the project.

However, Barrick will not be diluting its equity in the project.

Bristow also confirmed that Barrick is not interested in bidding for Anglo American, which recently received a takeover offer from BHP.

The company is focused on building its copper portfolio.

The Reko Diq project is one of the world’s largest undeveloped copper mines, and the first phase of the project is expected to cost $5.5 billion.

Barrick is currently seeking to raise at least $2 billion for the project.