Reko Diq project nears 'financial closure'

The financial closure of the Reko Diq mining project is expected to take place next month, ARY News reported on Tuesday, citing sources.

Sources said that international financial institutions such as the U.S. EXIM Bank, U.K. EXIM Bank, and the World Bank may be part of the financial closure process.

The federal government, the Balochistan government, and the Asian Development Bank are also expected to participate in the financial arrangements.

Negotiations are in the final stages to finalize the terms of loans with global financial partners, the sources said and added that once the financial closure is achieved, investment flow toward Pakistan will accelerate.

The project includes an estimated investment plan of approximately $3 billion from international financial partners.

Pakistan’s federal government will be responsible for $3.4 billion of the financing, of which $1.7 billion will be on behalf of Balochistan, according to sources.

Upon completion of the financial closure, production is expected to begin within approximately three years.

Earlier this month, Pakistan Minerals Investment Forum was held to brief the investers about Reko Diq reserves.

A detailed session was held in Balochistan, focusing on the crucial Reko Diq mining project, with representatives sharing insights on the project’s feasibility.

Earlier, Chief Executive Officer (CEO) Barrick Gold Mark Bristow said Reko Diq copper-gold project would be the beacon that leads Pakistan into the race of the top global mining jurisdictions.

Barrick Gold CEO said Reko Diq copper-gold project will economically benefit Pakistan and will also create thousands of jobs.