The Asian Development Bank (ADB) has approved a $410 million financing package to support the development of Pakistan’s Reko Diq copper and gold mine in Balochistan, one of the world’s largest untapped mineral deposits, set to be operated by Barrick Gold.
According to a report by Reuters, the project, estimated at $6.6 billion, could become a catalyst for attracting more foreign investment into Pakistan’s mineral sector, including rare earth exploration. Islamabad has already drawn interest from the U.S., offering concessions to American firms for future ventures.
Under the financing arrangement, Barrick will receive two loans totaling $300 million, while the remaining $110 million will be provided as a financing guarantee to the Government of Pakistan.
Reko Diq, jointly owned by Barrick (50 percent) and the federal and provincial governments (50 percent), is expected to begin production in 2028, with projected lifetime free cash flows of nearly $70 billion.