Islamabad 2 August: Pakistan Secures $5B for Reko Diq Mining ProjectPakistan has obtained over $5 billion in funding commitments from global donors for the Reko Diq copper and gold project in Balochistan, exceeding the $3 billion needed.
Key contributors include the Asian Development Bank, Islamic Development Bank, International Finance Corporation, and US Exim Bank, with additional support from Germany and Denmark.
Petroleum Minister Ali Pervaiz Malik and the Special Investment Facilitation Council are accelerating the project, with financial closure nearing. A recent webinar with the US Embassy targeted American investors.Located in Chagai, Reko Diq, managed by Barrick Gold, is set to start production by 2028, with a $5.5 billion initial investment expected to generate $74 billion over 37 years. Annual exports could reach $2.8 billion, creating numerous jobs.
READ MORE: ECC Approves Reko Diq Project Funding
A planned expansion will increase copper to 400,000 tonnes and gold to 500,000 ounces yearly, with an additional $3.5 billion. Pakistan approved a 15% stake sale to Saudi Arabia’s Manara Minerals for $1 billion.
A railway with Pakistan Railways will support logistics, enhancing exports. The project underscores Pakistan’s mineral sector as a growing hub for investment and economic development.
