Islamabad: The Asian Development Bank will provide a financing package of $ 410 million to help develop the Reko diq copper mine of Pakistan, one of the largest non -exploit deposits in the world, which will be operated by Barrick Gold, God sources to say Reuters Thursday.
Islamabad expects the project to serve as a springboard to attract more foreign interest to its mineral sector, particularly to exploit rare earth deposits. Pakistan has already attracted the interest of the Trump administration and offered future concessions to US companies.
Loans and a financing guarantee will support the development of Reko DIQ, which is expected to produce copper and gold from 2028 and generate around $ 70 billion in free cash flow throughout its useful life.
The financing consists of two loans for a total of $ 300 million to Barrick and a financing guarantee of $ 110 million for the Pakistan government, both sources said before the official announcement.
The $ 6.6 billion project in Baluchistan is 50 percent owned by Barrick with the other half held by federal and provincial governments.
ADB, the Ministry of Petroleum and Barrick did not immediately respond to comments requests.
The project aims to raise more than $ 2 billion and has a previous agreement for $ 700 million in financing of the International Finance Corporation, the World Bank Private Investment Arm.
Project developers are in conversations with other possible financial ones, including the US export bank., Exports Development Canada and Japans Jbic and expect to sign this quarter term leaves, said the director of the Tim Cribb project. Reuters In April.
Posted in Dawn, August 22, 2025
