ADB approves $410m to help finance Pakistan’s Reko Diq copper project led by Barrick

ADB approves $410m to help finance Pakistan’s Reko Diq copper project led by Barrick
Photo: A field geologist inspects a drill core sample at Reko Diq, examining its mineral composition / Reko Diq Mining Corporation

Asian Development Bank, multilateral lender, and Reko Diq Mining Company, copper-gold project JV owned by Barrick Gold (50%), Balochistan (25%) and three Pakistani state firms (25%), have agreed on a $410 million financing package for the $6.6 billion Reko Diq development, with first-phase production targeted for 2028. The package complements a $700 million facility from the International Finance Corporation as the sponsors seek roughly $2 billion more from EXIM, Export Development Canada and JBIC.  

Financing structure and timeline

ADB’s package, approved on Aug. 22, comprises loans to the project company and a partial credit guarantee for Pakistan, adding to IFC’s recently approved $700 million (including subordinated debt) and setting the stage for a broader lender group to close in coming months. Phase one—covering a quarry and processing plant—aims to start up in 2028; the mine plan runs for at least 37 years.  

Throughput and output ramp-up

At start-up, Reko Diq is expected to produce about 200,000 tons of copper concentrate per year, with a plan to expand to roughly 800,000 tons as the project moves into later phases. Logistics upgrades under discussion include an ADB-backed rail modernization between Karachi and Rohri—framed as important for bulk shipments from Balochistan—alongside road infrastructure improvements.  

Why multilaterals are crowding in

The funding mix reflects the project’s scale and Pakistan’s push to revive large-ticket investment after a 2022 legal settlement cleared the way for development. ADB’s entry follows IFC’s commitment and signals comfort with the permitting, community and environmental baselines that multilateral lenders typically require. Sponsors are also courting export credit and policy banks to round out the capital stack.

Company Background and Market Context

Barrick Gold operates globally across gold and copper, and is project operator at Reko Diq. RDMC’s 50/25/25 ownership includes Balochistan’s 25% split—15% fully funded via Balochistan Mineral Resources and 10% free carried—and a federal 25% held via Pakistan’s OGDCL, PPL and GHPL (about 8.33% each). Fluor has been selected as EPCM, and early works began in 2025.

Copper is a backbone metal for grids, EVs and data-center power systems. Prices on the LME have hovered around $9,750–$9,850 per tonne in late August, with volatility tied to U.S. policy headlines and inventory shifts. A long-life greenfield like Reko Diq adds prospective supply diversity outside South America and the U.S., though market impact will hinge on its multi-phase ramp.

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