ISLAMABAD: Pakistan’s state broadcaster reported on Wednesday the country had secured $6 billion in international funding for the Reko Diq copper and gold mines in the country’s restive Balochistan province, a project officials describe as an economic lifeline but one dogged by security challenges.
Located in Pakistan’s largest and poorest province, Reko Diq is among the world’s biggest untapped deposits of copper and gold. The project is expected to generate approximately $74 billion in free cash flow over the next 37 years.
Long stalled by legal disputes and political wrangling, the project was revived after a 2022 settlement with Canada’s Barrick Gold. Islamabad has since touted the mine as a potential driver of growth and foreign exchange earnings in an economy heavily burdened by debt and reliant on IMF support.
“The required funds for Reko Diq project have been approved with the support of Special Investment Facilitation Council,” Radio Pakistan reported, referring to a special civil-military body that oversees foreign investments.
“The United States, Japan and other international financial institutions have announced funding of six billion dollars for Reko Diq project. Out of the total six billion dollars funding, 1.5 billion dollars have already been approved by Asian Development Bank and World Bank.”
