The World Bank’s private investment arm, International Finance Corporation (IFC), will provide $ 300 million in debt financing for the Reko Diq Copper-Gold mining project, a dissemination of IFC said Wednesday.
Barrick Gold’s copper and gold project intends to enclose more than $ 2 billion in financing of international lenders, with term sheets signed by the third quarter of the project, said its project director for the mine. Reuters Tuesday.
The financing will support the development of the Reko DIQ mine, one of the largest copper copper deposits in the world, which is expected to generate $ 70 billion in free cash flow and $ 90 billion in operational cash flow.
Barrick Gold and federal governments and Baluchistan have the project together. Financing for phase one of the project, which is expected to begin production in 2028, is being discussed with multiple lenders.
In an interview with Reuters In the Minerals Investment Forum 2025, the director of the Reko DiQ project, Tim Cribb, said the mine was considering $ 650 million of the International Development Association and IFC.
Cribb added that the mine was also in conversations with the US Export Export Bank for $ 500 million of $ 1 billion in financing, as well as $ 500 million of the financial institutions of development, including the Asian Development Bank, the development of Canada Exports and the Bank of Japan for international cooperation.
“We hope to close the term of the term in the late Q2 or the third quarter,” said Cribb.
He said that rail financing conversations were underway with the IFC and other lenders, with infrastructure costs estimated at $ 500-800 million, with approximately $ 350 million as an initial cost.
A recent feasibility study has improved the scope of the project, with a phase one yield that increases to 45 m tons per year of 40 m, and phase performance two increases to 90 m tons per year of 80 m.
The life of the mine has been reviewed from 42 years to 37 years due to the increase in performance, although the company believes that unfasted minerals could extend life to 80 years.
The cost of phase one has also been reviewed up to $ 5.6 billion of $ 4 billion.
The World Bank plans to invest $ 2 billion annually in Pakistan infrastructure during the next decade.
The lenders are expected to obtain compensation agreements with potential clients, including Asia countries such as Japan and Korea, as well as European nations such as Sweden and Germany, which seek to obtain copper supplies for their industries, said Cribb.
