Major Boost for Pakistan's Reko Diq Project with USD 700 Million Loan Approval

The International Finance Corporation and World Bank have approved a USD 700 million loan for Pakistan's Reko Diq mining initiative. This project, based in Balochistan, foresees a private investment of USD 2.5 billion. With revised project metrics, phase one is expected to begin in 2028, targeting increased output.

The International Finance Corporation and the World Bank have greenlit a significant concessional loan of USD 700 million for the ambitious Reko Diq mining project in Pakistan. This initiative is set to transform the mineral-rich province of Balochistan, as reported by The Express Tribune.

The approval marks a key milestone for Pakistan, attracting a private sector investment of USD 2.5 billion into the project. The Reko Diq initiative is among Pakistan's most significant resource development endeavors, poised to drive considerable economic growth.

Owned jointly by Barrick Gold and federal and provincial governments, the project has seen its scope expanded through recent feasibility studies. Phase one is now set to start production in 2028, with increased throughput estimates. The rising throughput has adjusted the mine life to 37 years, though untapped mineral reserves could extend this further.

(With inputs from agencies.)