The Asian Development Bank (ADB) has approved a $410m financing package for Pakistan’s Reko Diq copper-gold mine, operated by Barrick Gold.
The financing package includes up to $300m in senior loans and a $110m partial credit guarantee, aiming to attract private investment by reducing risks.
The initiative is expected to boost foreign investment in Pakistan’s mineral sector, particularly in rare earth deposits.
It encompasses community-focused initiatives in healthcare and education.
ADB president Masato Kanda said: “Reko Diq will help the critical minerals supply chain, while advancing the clean energy transition and driving digital innovation across the region and beyond.
“ADB’s support is also a game-changer for Pakistan, creating quality jobs and underpinning the nation’s transition toward a more resilient and diversified economy.”
Located in Balochistan’s Chagai district, the mine is managed by a joint venture 50% owned by Barrick Gold, and the remaining 50% by Pakistan’s state-owned entities and the provincial government of Balochistan.
Its development is expected to significantly boost the local economy, creating jobs and fostering regional growth.
Construction of the open pit mine and processing plant began this year, following strict environmental, social, and governance standards.
Production is anticipated to start by late 2028, with the mine’s operational life expected to exceed 37 years.
The mine is expected to become the world’s fifth-largest copper producer, generating 800,000 tons of copper concentrate annually.
ADB said it is the inaugural project under its critical minerals-to-manufacturing value chains strategy, focusing on materials vital for clean energy and digital technologies.
Since its inception in 1966, ADB has invested over $43bn in Pakistan, supporting inclusive growth and infrastructure development.
