The Asian Development Bank (ADB) has approved a $410 million financing package to support the development of the Reko Diq copper and gold mine in Balochistan, one of the largest untapped mineral reserves in the world. The mine will be operated by Barrick Gold, and the project’s total estimated cost stands at $6.6 billion.
Under this financing arrangement, Barrick Gold will receive two loans totaling $300 million, while the remaining $110 million will serve as a financing guarantee to the Government of Pakistan. The Reko Diq initiative is being seen as a major opportunity to attract foreign direct investment (FDI) into Pakistan’s mineral sector, particularly in the area of rare earth exploration.
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According to reports, Islamabad has already attracted interest from the United States, offering concessions to American firms for participation in future mining ventures. The ADB-backed investment is expected to act as a strategic catalyst for long-term economic development in the region and support Pakistan’s efforts to modernize its mining industry.
