Reko Diq, among the world’s largest undeveloped copper-gold projects, is set to begin commercial production by late 2028, with the initial phase targeting an annual ore processing capacity of 45 million tonnes.
Reko Diq Mining Company (RDMC) is advancing efforts to secure up to $3.5 billion in limited recourse project financing for Phase 1 development. The lending group includes the International Finance Corporation (IFC), Asian Development Bank (ADB), U.S. International Development Finance Corporation (DFC), Export-Import Bank of the United States (US EXIM), Export Development Canada (EDC), Germany’s KfW IPEX-Bank GmbH and Euler Hermes, Sweden’s Exportkreditnämnden (EKN), and Finland’s Finnvera Oyj. This project represents the largest foreign direct investment in Pakistan’s history.
Barrick Mining Corporation (BMC) of Canada holds a 50% ownership stake in Reko Diq. BMC has mining operations and projects in Argentina, Canada, Chile, Côte d’Ivoire, Democratic Republic of the Congo, Dominican Republic, Ecuador, Egypt, Mali, Pakistan, Papua New Guinea, Peru, Saudi Arabia, Senegal, Tanzania, the United States and Zambia. BMC is now positioning Reko Diq as a key asset expected to generate approximately $74 billion over 37 years.
In April, the shareholders of Reko Diq appointed Fluor Corporation as the lead Engineering, Procurement, and Construction Management (EPCM) partner. Fluor will work alongside the Barrick Owner’s Team on the project’s detailed design and construction. Headquartered in Irving, Texas, Fluor Corporation is a U.S.-based engineering and construction firm with annual revenues of approximately $16 billion.
Komatsu Ltd., headquartered in Tokyo, has signed a $440 million agreement to supply mining equipment for the Reko Diq project. The company is the world’s second-largest manufacturer of construction and mining machinery, employing 60,000 people and generating annual revenues of ¥2.44 trillion.
Metso Corporation, headquartered in Helsinki, Finland, has been selected as the key supplier of processing equipment for the Reko Diq project. In August 2024, the company signed a €200 million framework agreement to provide comminution and mineral-processing systems. Once operational, the plant will have the capacity to process approximately 90 million tonnes of ore per year, developed in two phases.
The Weir Group plc, a Scottish multinational engineering company headquartered in Glasgow, has secured a £53 million contract to supply energy-efficient and sustainable processing solutions for the Reko Diq project. Its scope of work includes fine grinding, separation, and tailings management—critical components of the mine’s ore processing flowsheet.
Question: Why are heavyweight corporations from Canada, the United States, Japan, Finland, and the United Kingdom pouring billions into Balochistan? Isn’t this supposed to be one of the riskiest investment destinations in the world? With an active insurgency on the ground, why are global giants betting on a province that many write off as ungovernable?
Answer 1: Because the prize is simply too big to ignore. Reko Diq is one of the largest undeveloped copper-gold deposits in the world — estimated at 40 million tonnes of copper and 50 million ounces of gold. For mining giants, such deposits are rare, long-life, and worth billions. The size and quality of the resource outweigh the risks, especially in a world hungry for copper to power electrification and green energy transitions.
Answer 2: International lenders like the IFC and ADB build security components directly into their financing, ensuring that capital is tied to specific guarantees of protection. Combined with Pakistan’s sovereign commitments and the involvement of a global player like Barrick, much of the ‘unmanageable risk’ is shifted away from the corporations.
Manara Minerals of Saudi Arabia — a joint venture between Ma’aden (the Saudi Arabian Mining Company) and the $900 billion Public Investment Fund (PIF) — is negotiating to acquire a 10–20% stake in Reko Diq. For Riyadh, the move aligns squarely with Vision 2030, a push to diversify the economy and lessen dependence on oil. For Pakistan, PIF’s entry will anchor Middle Eastern support, adding another political shield.
Remember, copper is now classified as a ‘critical mineral’ by the U.S., EU, and Japan — which means Reko Diq is not just a Pakistani project, but part of a global effort to secure strategic supply chains. Unlike CPEC ventures often targeted by insurgents, Reko Diq is backed by Western capital, giving it a very different geopolitical profile.
Clearly, heavyweight corporations from Canada, the United States, Japan, Finland, and the United Kingdom are wagering that the sheer scale of Reko Diq’s resource, surging global demand for copper, and the institutional security guarantees built into the project outweigh the dangers of insurgency.