Islamabad — Pakistan’s multibillion-dollar Reko Diq copper and gold project has received a major boost, with the Asian Development Bank (ADB) agreeing to provide $410 million in financing support, sources revealed on Thursday.
The financing package includes two loans totalling $300 million for Barrick Gold, the project’s operator, along with a $110 million financing guarantee for the Pakistani government.
Reko Diq is one of the world’s largest undeveloped copper-gold reserves, with a project cost of $6.6 billion. Barrick holds a 50% stake, while Pakistan’s federal and provincial governments jointly own the other half.
Once operational in 2028, the mine will initially produce 200,000 metric tons of copper annually, with production expected to reach 400,000 tons after expansion. Barrick has also signaled that the mine could extend beyond its initial 37-year life through upgrades and exploration.
The mine is projected to generate around $70 billion in free cash flow over its lifespan. Financing for the project is being raised globally, with $700 million already committed by the International Finance Corporation (IFC). Discussions are ongoing with institutions such as the US Export-Import Bank, Export Development Canada, and Japan’s JBIC.
Officials say the Reko Diq project could become a catalyst for Pakistan’s broader mineral sector, particularly in attracting investment into rare earth exploration.