KARACHI, Jan 20 (Reuters) - 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 ( GOLD )

said in a media interview.

Barrick Gold ( GOLD ) owns a 50% stake in the Reko Diq mine and the

governments of Pakistan and the province of Balochistan own the

other 50%. 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.

Saudi Arabian 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.