KARACHI: State-owned Pakistan Petroleum Limited (PPL) has injected an additional Rs14 billion ($50.2 million) in equity into the multi-billion-dollar Reko Diq copper-gold mining project, according to its latest half-yearly financial report, as the Canadian operator undertakes a comprehensive review following recent deadly attacks in Balochistan.
Canada-based Barrick Mining Corporation holds a 50 percent stake in the Reko Diq project. The remaining ownership is split between three Pakistani federal state-owned enterprises — collectively holding 25 percent — and the Government of Balochistan, which owns the other 25 percent.
Earlier this month, Barrick announced it would “immediately” launch a full-scale review of the project after coordinated militant attacks in Balochistan on January 30–31 left 36 civilians and 22 security personnel dead. The review covers security arrangements, the development schedule, and the project’s capital budget.
In its financial statement for the half-year ending December 31, PPL informed shareholders that it had made an additional equity contribution of Rs14.025 billion to Pakistan Minerals Private Limited (PMPL), the special purpose vehicle managing the federal government’s 25 percent stake in the project.
The fresh investment raises PPL’s total cost of investment in PMPL to Rs68.1 billion ($243.6 million).
PMPL is a consortium of three state-owned enterprises: PPL, Oil & Gas Development Company Limited (OGDCL), and Government Holdings (Private) Limited (GHPL). The entity oversees financing, equity contributions, and strategic, legal, and technical coordination with partners, including Barrick.
Despite security concerns, PPL noted that site development work continued during the July–December FY26 period.
This week, Balochistan Chief Minister Sarfraz Bugti assured investors that Pakistan possesses the “capacity and capability” to safeguard the Reko Diq project amid rising militancy in the province.
Beyond mining interests, PPL remains a major player in Pakistan’s energy sector. Its portfolio includes 47 exploration blocks, among them one offshore Block-5 in Abu Dhabi and one onshore block in Yemen.
Also Read: CM Bugti Assures Investors of Full Security at Reko Diq Mine
In December, PPL signed a strategic Deed of Assignment transferring a 25 percent participating interest (PI) and operatorship of the Eastern Offshore Indus C block to Turkish Petroleum Overseas Company, a subsidiary of Türkiye Petrolleri Anonim Ortaklığı.
Additionally, PPL assigned 20 percent PI each to OGDCL and Mari Energies Limited while retaining a 35 percent stake to maintain a leading role in the block’s development.
