ISLAMABAD: The Asian Development Bank approved a $410 million package for developing Pakistan’s Reko Diq copper and gold mine on Friday, as the country’s rare earth deposits draw foreign interest and human rights concerns.
The potentially hugely lucrative open-pit project in Pakistan’s Balochistan province seeks to develop one of the world’s largest untapped copper and gold deposits, with production expected to start in 2028.
For decades, Pakistan has battled a separatist insurgency in the mineral-rich southern province, where foreign-backed energy projects — mostly Chinese-operated — have come under attack.
The ADB package includes $300 million in loans to Canadian firm Barrick and a $110 million credit guarantee for the local government.
When completed, Reko Diq is projected to be the world’s fifth-largest copper mine, a metal critical for wiring, motors and renewable energy technology.
