KARACHI, April 8 (Reuters) - Barrick Gold's ( GOLD )

Reko Diq copper and gold project in Pakistan intends to lock in

upwards of $2 billion in financing from international lenders,

with term sheets signed by early Q3, its project director for

the mine told Reuters on Tuesday.

The funding will support the development of the Reko Diq

mine, one of the world's largest underdeveloped copper-gold

deposits, which is hoped to generate $70 billion in free cash

flow and $90 billion in operating cash flow.

Barrick Gold ( GOLD ) and the governments of Pakistan and Balochistan

own the project jointly.

The financing for phase one of the project, which is

expected to start production in 2028, is being discussed with

multiple lenders.

In an interview with Reuters at the Pakistan Minerals

Investment Forum 2025, the Reko Diq's Project Director, Tim

Cribb, said the mine is looking at $650 million from the

International Finance Corporation and International Development

Association.

Cribb added that the mine is also in talks with the U.S.

Export-Import Bank for $500 million to $1 billion in financing,

as well as $500 million from development finance institutions

including the Asian Development Bank, Export Development Canada,

and Japan Bank for International Cooperation.

"We expect to close the term sheet in either late Q2 or

early Q3," said Cribb.

He said railway financing talks are underway with the IFC

and other lenders, with infrastructure costs estimated at

$500-800 million, with roughly be $350 million as initial cost.

A recent feasibility study has upgraded the project's scope,

with phase one throughput increasing to 45 million tons per

annum from 40 million, and phase two throughput rising to 90

million tons per annum from 80 million.

The mine life has been revised to from 42 years to 37 years

due to the rising throughput, although the company believes

unaccounted-for minerals could extend the life to 80 years. The

cost of phase one has also been revised upwards to $5.6 billion

from $4 billion.

The World Bank plans to invest $2 billion annually in

Pakistan's infrastructure over the next decade.

The lenders are expected to secure offtake agreements, with

potential clients including countries in Asia such as Japan and

Korea, as well as European nations like Sweden and Germany,

which are looking to secure copper supplies for their

industries, Cribb said.