The Reko Diq copper and gold mining project has reached a pivotal milestone, as first-phase funding has been approved following a comprehensive feasibility study, according to state-run Pakistan Television (PTV).
A flagship initiative in Pakistan’s mining sector, the Reko Diq project is a joint venture between Barrick Gold Corporation, the Government of Pakistan, and the Government of Balochistan. This venture is poised to deliver long-term economic benefits, with projections indicating it will generate an estimated $74 billion in free cash flow over its lifespan.
The Pakistan Minerals Investment Forum 2025 brought global attention to the country’s mineral potential. International investors expressed strong interest in Reko Diq and other untapped reserves, signaling growing confidence in Pakistan’s natural resources sector.
Currently, the project is preparing for a substantial financing phase. According to the project’s director, Reko Diq is expected to secure over $2 billion in funding from international lenders, with term sheets anticipated to be finalized by early Q3 2025. Discussions with multiple global lenders are ongoing, particularly for the first phase, which is scheduled to begin production in 2028.
The development plan includes a significant expansion of operational capacity. The project’s annual ore processing capacity is set to double from 45 million tons to 90 million tons by 2034, placing Reko Diq among the top copper-gold producing assets in the world.
The venture is also expected to deliver broad-based socio-economic benefits:
- 7,500 jobs will be created during the construction phase.
- 4,000 long-term positions will be available for locals during operations.
This development represents one of the largest investments in Pakistan’s mining sector and is seen as a model for future public-private partnerships.
