ISLAMABAD: Pakistan's Reko Diq copper and gold mine project has entered a new phase with a $715 million funding boost, Pakistani state media reported on Friday.
The Reko Diq mine, located in Pakistan’s largest and poorest Balochistan province, is among the world’s biggest untapped deposits of copper and gold, with the project estimated to generate $90 billion over the next 37 years.
The project, long stalled by legal disputes and political wrangling, 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.
Pakistan's Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL) and Government Holdings Private Limited (GHPL) will now provide financing guarantees for the project through a joint corporate guarantee.
"OGDCL has approved 715 million dollars in funding for the first phase of the Reko Diq project," the Radio Pakistan broadcaster reported.
