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The Reko Diq holds one of the world’s largest undeveloped copper-gold deposits. Credit: Barrick Gold Corporation.

Pakistan’s Supreme Court has authorised a settlement for Barrick Gold’s plan to resume mining at the long-stalled Reko Diq gold and copper mining project in the country, reported Reuters.

The country’s Supreme Court (SC) declared the out-of-court settlement signed in March 2022 between the Pakistani Government and international firms Barrick Gold and Antofagasta to end a prolonged dispute with Pakistan and restart the Reko Diq mine development.

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Barrick will own a 50% stake in the reconstituted gold and copper project while Balochistan’s provincial government and Pakistani state-owned enterprises will each hold a 25% stake.

Antofagasta agreed earlier this year to exit the project to focus on the production of copper and by-products in the Americas.

Pakistan Chief Justice Umar Ata Bandial, the head of a five-judge panel, was quoted by Reuters as saying: “The agreements … have not been found by us to be unconstitutional or illegal on the parameters and grounds spelt out.”

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Located in the province of Balochistan, which borders Afghanistan and Iran, the Reko Diq project was suspended in 2011 following the rejection of a development licence by the Pakistani Government to Barrick and Antofagasta.

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Claimed to host one of the world’s largest undeveloped open-pit copper-gold porphyry deposits, the project is planned to be developed in two phases.

With an initial estimated capital cost of $7bn, the project is planned to start production between 2027 and 2028.

Balochistan Chief Minister Balochistan Abdul Qudoos Bizenjo was quoted by Dawn newspaper as saying: “We have taken decisions with goodwill and courage on all important issues, including Reko Diq.”