Islamabad, Apr 10, 2025: The International Finance Corporation (IFC), a branch of the World Bank that handles private sector investments, has agreed to provide $300 million in loan funding for the Reko Diq copper-gold mining project in Pakistan, as reported by Reuters.
This announcement was made public by the IFC in a brief statement on Wednesday.
Situated in Balochistan’s Chagai District, Reko Diq hosts one of the globe’s most substantial copper and gold reserves.
Barrick Gold owns a 50% share in the project, while the remaining half is jointly owned by the governments of Pakistan and Balochistan.
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Mark Bristow, CEO of Barrick Gold, mentioned at the Pakistan Minerals Investment Forum on Tuesday that the Reko Diq mine will position Pakistan among the leading mining jurisdictions worldwide.
During his address at the forum, Bristow underscored that the Reko Diq initiative is a pivotal moment for both Barrick Gold and the nation.
A feasibility report released in 2024 confirmed that the mine holds 15 million tons of copper reserves and 26 million ounces of gold, with the potential to become one of the lowest-cost copper producers globally.
In addition to this, the World Bank has pledged $2 billion annually for the next decade to support Pakistan’s infrastructure development.
