ADB to Provide $410 Million for Pakistan’s Reko Diq Copper-Gold Project

The Asian Development Bank (ADB) has approved a financing package worth $410 million to support the development of Pakistan’s Reko Diq copper and gold project in Balochistan, one of the world’s largest untapped mineral deposits, which will be operated by Barrick Gold.

According to a Reuters report, the massive mining venture is valued at around $6.6 billion and is expected to act as a key driver for attracting greater foreign investment into Pakistan’s mineral sector. This includes potential exploration in the rare earth segment, where Islamabad has already extended concessions to U.S. companies expressing interest in future projects.

Under the approved financing structure, Barrick Gold will secure two loans amounting to $300 million, while an additional $110 million will be provided in the form of a financing guarantee extended to the Government of Pakistan.

The Reko Diq mine is structured as a joint venture, with Barrick holding a 50 percent stake, while the federal and provincial governments collectively own the remaining 50 percent. Production at the site is expected to commence in 2028, with projected lifetime free cash flows estimated at nearly $70 billion, making it one of Pakistan’s most significant resource development projects.