ISLAMABAD: The Asian Development Bank (ADB) will extend a $410 million financing package to support the development of Pakistan’s Reko Diq copper and gold mine, one of the world’s largest untapped mineral deposits, operated by Barrick Gold.
According to sources, the financing package includes $300 million in loans to Barrick and a $110 million guarantee for the Government of Pakistan. The $6.6 billion project, located in Balochistan, is jointly owned — 50 percent by Barrick and the remaining stake by the federal and provincial governments.
The Reko Diq mine is projected to begin production in 2028, with expected free cash flow of around $70 billion over its operational life. Islamabad views the project as a key driver to attract further foreign investment in the mineral sector, particularly in rare earth deposits.
Earlier, the International Finance Corporation committed $700 million, while developers are also in advanced talks with other potential financiers, including the US Export-Import Bank, Export Development Canada, and Japan’s JBIC.
ADB, Barrick, and Pakistan’s petroleum ministry have yet to issue official statements.
By Reuters
