ISLAMABAD: Reko Diq’s Country Manager Zarrar Jamali said on Thursday the gold-copper mine’s $7 billion Phase 1 was fully financed and on schedule, with first copper exports expected in early 2029, calling it Pakistan’s largest-ever foreign investment project.
Reko Diq, located in Pakistan’s southwestern Balochistan province, is one of the world’s largest undeveloped copper and gold deposits. The project is jointly owned by the government of Pakistan and Canada’s Barrick Gold, and is considered central to Islamabad’s plan to revive foreign investment, stabilize its mineral sector and spur long-term exports after years of economic turbulence. The mine sits in a remote region near the border with Iran and Afghanistan, where security, infrastructure and development challenges have historically deterred global investors.
The first phase of the mine involves building a large open-pit copper operation, a 2,000-acre mining site, one of the world’s biggest copper processing plants and related infrastructure. The $5.66 billion construction cost increases to around $7 billion when financing charges and contingencies are included. The government sees the project as a long-term anchor of Pakistan’s economic diplomacy, with Barrick’s participation viewed as a signal to other multinational investors.
