Pakistan’s mineral sector has achieved a major breakthrough as the country secured $3.5 billion in financing for the long-awaited Reko Diq copper and gold project, one of the largest undeveloped mining ventures in the world.
According to official sources, the financing package — facilitated by the Special Investment Facilitation Council (SIFC) — brings together some of the world’s most influential development partners and financial institutions.
Global Financial Institutions Join Hands
The deal includes support from six major global donor agencies, notably the U.S. EXIM Bank and the Asian Development Bank (ADB). In addition, 11 international financial institutions and development partners such as the International Finance Corporation (IFC), International Development Association (IDA), and the European Bank for Reconstruction and Development (EBRD) are also part of the consortium.
Officials claimed that the loan disbursement process is going to begin within 45 to 90 days, paving the way for the start of construction on basic infrastructure within the next two to four months.
Read more: Govt approves $7.7 billion package for first phase of Reko Diq copper-gold project
Massive Investment and Local Partnership
The overall dedication for the $4.2 billion project includes major contributions from Barrick Gold Corporation, the Government of Balochistan and state-owned enterprises such as Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL).
Spanning an operational life of 37 years, the Reko Diq project is projected to generate an estimated $90 billion in total output value. The development plan includes the establishment of 53 facilities across Balochistan — with 11 in the first phase, 15 in the second, and 27 in the third.
Economic Impact and Job Creation
The first phase, centered in Chagai district, will be going to glance an investment of $16.6 billion, followed by $7.7 billion in the second and $4.8 billion in the third phase.
Once fully operational, the project is expected to create 75,000 jobs and generate up to $35 billion annually in foreign exchange earnings.
Full completion is expected between 2025 and 2028, with production anticipated to commence in the upcoming years 2028, and it will mark a new era for Pakistan’s mining and export potential.