ADB $410M Boost for Reko Diq Mine
ADB Backs Reko Diq Project with $410 Million Financing
Islamabad — The Asian Development Bank (ADB) has approved $410 million in financing for the Reko Diq mining project in Balochistan, marking a major boost for Pakistan’s economy. The package includes two loans totaling $300 million to Barrick Gold, the mine’s operator, along with a $110 million guarantee for the Government of Pakistan.
Reko Diq, one of the world’s largest untapped copper and gold deposits, is expected to start production in late 2028. Over its projected 37-year lifespan, the mine could generate around $70 billion in free cash flow.
ADB President Masato Kanda called the project a “game changer” for Pakistan, highlighting its potential to create thousands of jobs, reduce poverty, and strengthen the national economy.
He noted that Reko Diq will also support global supply chains for critical minerals, aid the transition to clean energy, and fund key social initiatives, including healthcare, education, and programs for women.
In its first phase, the mine is projected to produce 800,000 tons of copper concentrate annually, making it the world’s fifth-largest copper mine. Copper, Kanda emphasized, is essential for electric vehicles, batteries, mobile phones, and data centers.
“The Reko Diq project will not only strengthen Pakistan’s economy but also play a vital role in the global transition to clean energy,” he added.
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