The International Finance Corporation (IFC), the private investment arm of the World Bank, will extend $300 million in debt financing for Pakistan’s Reko Diq copper-gold mining project, according to an IFC disclosure released on Wednesday.
Reko Diq, located in the Chagai District of Balochistan, Pakistan, is among the largest copper and gold deposits globally.
The project is jointly owned by Barrick Gold, which holds a 50 percent stake, and the federal and provincial governments of Pakistan and Balochistan, which collectively hold the remaining 50 percent.
Speaking at the Pakistan Minerals Investment Forum on Tuesday, Barrick Gold CEO Mark Bristow stated that the Reko Diq project would serve as a “beacon that leads Pakistan” onto the global mining stage.
Also read: Pakistan discovers major copper-gold reserves in Balochistan’s Chagai
He noted that the feasibility study for the project, completed in 2024, confirmed reserves of 15 million tons of copper and 26 million ounces of gold. Bristow emphasized that Reko Diq is poised to become one of the world’s lowest-cost copper producers.
