The International Finance Corporation (IFC), the World Bank’s investment arm, has committed $300 million to Pakistan’s Reko Diq mining project. This significant funding aims to support the development of one of the largest untapped copper and gold reserves in the world. The project was restructured in 2022 and involves a partnership between the Pakistan government, the Balochistan government, and Barrick Gold, a major mining company.
Reko Diq is poised to have a big economic impact on Pakistan. The project plans to start its first production by 2028. It aims to produce 240,000 tons of copper and 300,000 ounces of gold annually. Furthermore, a second phase is designed to boost production to 400,000 tons of copper and 500,000 ounces of gold each year.
During the recent Pakistan Minerals Investment Forum in Islamabad, Barrick Gold CEO Mark Bristow emphasized the project’s importance. He noted that Reko Diq will be a key asset for Pakistan and will position the country as a significant player in the global mining industry. This project is set to enhance both local and national economies.
Additionally, Barrick Gold plans to sign a $3 billion funding package to further develop the mine. Financing for Reko Diq includes backing from the World Bank and state funding agencies from the US, Germany, and Japan. The combination of local and international investment indicates strong confidence in the project’s potential.