First-phase of development funding approved for Reko Diq, $74 billion economic boost expected

The Reko Diq project has advanced to a crucial development stage following the approval of first-phase funding based on a comprehensive feasibility study, as reported by the state-run Pakistan Television (PTV).

The project is expected to generate an estimated $74 billion in free cash flow, significantly contributing to Pakistan’s economy.

Barrick’s Reko Diq project in Pakistan aims new financing

During the Pakistan Minerals Investment Forum 2025, international investors expressed strong interest in Reko Diq and other mineral reserves, highlighting the growing confidence in Pakistan’s mining potential.

The project, a joint venture between Barrick Gold, the government of Pakistan, and the government of Balochistan, will see its annual processing capacity double from 45 million to 90 million tons by 2034.

The project will create 4,000 long-term jobs for locals and employ 7,500 workers during the construction phase.

Reko Diq copper and gold project is expected to lock in upwards of $2 billion in financing from international lenders, with term sheets signed by early Q3, its project director for the mine told Reuters.

The financing for phase one of the project, which is expected to start production in 2028, is being discussed with multiple lenders.