Oil & Gas Development Company Limited (PSX: OGDC) shareholders have approved a contribution of up to $715 million to support Phase-1 of the Reko Diq mining project, as per resolutions passed at the company’s Extraordinary General Meeting.
The amount, representing one-third of the total committed expenditure for the phase, will be provided to Pakistan Minerals (Private) Limited, the holding company of Reko Diq Mining Company (Private) Limited, through equity and/or shareholder loans.
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This contribution is subject to inflation adjustments and financing costs outlined in project agreements.
Additionally, OGDCL, along with Pakistan Petroleum Limited (PPL) and Government Holdings (Private) Limited (GHPL), will extend a joint corporate guarantee to secure external financing for the project.
