ISLAMABAD: Reko Diq’s country manager Zarrar Jamali said on Thursday that the mine’s $7 billion Phase One is fully financed and on schedule. He said Pakistan will ship its first copper exports in early 2029. He called it the largest foreign investment project in Pakistan’s history.
Reko Diq lies in southwestern Balochistan. It ranks among the world’s largest undeveloped copper and gold deposits. The government of Pakistan and Barrick Gold jointly own the project. Officials see it as central to reviving foreign investment and boosting long-term exports. The site lies near the borders with Iran and Afghanistan. Security and infrastructure risks have long kept global investors away.
Phase One includes a large open-pit mine, a 2,000-acre site, one of the world’s biggest copper plants, and related infrastructure. Construction will cost $5.66 billion. Financing and contingencies raise the total to about $7 billion. The government views the project as a cornerstone of economic diplomacy.
Jamali said financing is secure. He said the project will move ahead at full speed. He confirmed $3.5 billion in external loans from a consortium of 11 international banks from Japan, the United States, Sweden, and Canada. He said all approvals from partners and state entities are now complete.
Under the current plan, ore processing will start in late 2028. Copper exports will begin in early 2029. The mine will operate for at least 40 years.
Jamali said 77 percent of workers come from Balochistan. He said 65 percent come from Chagai district. He added that hiring follows a strict local-first policy. Villages near the site get top priority.
He said the company spent $10 million this year on health, education, and water projects. The firm rebuilt seven schools and set up two medical centers. He said local communities decide all development spending.
Jamali dismissed reports that Barrick may slow global projects. He said the firm’s board has reaffirmed its long-term commitment to Pakistan.
Reko Diq has become a key test case for Pakistan’s ability to manage large foreign projects. Officials expect it to lift exports and improve stability in resource-rich regions. Once operational, the mine could become one of Pakistan’s biggest sources of foreign exchange.
Speaking to Arab News last week, Finance Minister Muhammad Aurangzeb said the project’s financial close is near. He said the International Finance Corporation is leading the debt structure. He said this gives strong confidence to global lenders.
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He said one final step is the participation of the US Export-Import Bank. That process paused during the recent US government shutdown. He said approvals should now resume soon.
The finance minister said the debt structure is now in place. He said final lender approvals are the only step left. He said the project will close financially in the coming weeks.
He added that Pakistan’s exports remain near $30 billion a year. He said Reko Diq alone could add $2.8 billion in exports in its first year. That would equal nearly 10 percent of current national exports.
