ISLAMABAD: Pakistan has received investment offers worth over $5 billion from global financial institutions and multinational donors for the development of the Reko Diq gold and copper mining project in Chagai district, Balochistan.
As per the credible sources, the prominent international financiers expressing interest include the Asian Development Bank (ADB), Islamic Development Bank (IDB), International Finance Corporation (IFC), US EXIM Bank, as well as development agencies from Germany and Denmark.
The financial structuring of the project is reportedly in its final stages. Federal Minister for Petroleum Ali Pervaiz Malik is playing an important part in accelerating progress on the project through support from the Special Investment Facilitation Council (SIFC).
Furthermore, a notable development is the US EXIM Bank’s offer to provide unlimited financial backing for the project, mentioning the growing international interest and confidence in Pakistan’s mineral sector.
The Ministry of Petroleum recently organized a webinar with the US Embassy and American investors to explore investment opportunities in Pakistan’s mineral resources. The event was hosted by the Oil & Gas Development Company Limited (OGDCL), a state-owned partner in the Reko Diq venture.
In this regard, Pakistan is rich in mineral resources, with 92 identified types of minerals across the country 52 of which are currently being commercially exploited. The Reko Diq deposit is considered one of the world’s largest undeveloped reserves of copper and gold.
Also Read: Reko Diq Project to create over 35,000 jobs: Zarrar Jamali
The project has been revived in partnership with Canada’s Barrick Gold Corporation and is expected to begin production by 2028, with an initial investment of $5.5 billion.
