The renowned gold-copper deposit in Pakistan known as Reko Diq has successfully secured a substantial funding boost of $410 million. This financial endorsement has been facilitated by the Asian Development Bank (ADB). The announcement marks a significant milestone for the miners, substantializing their efforts to tap into the vast resource reserves of Reko Diq in the coming years.

Reko Diq, which is located in Pakistan’s southwestern province of Balochistan, is known as one of the world’s largest undeveloped copper and gold deposits. The mine is being managed by Barrick Gold Corporation, the world’s second-largest gold mining company.

ADB’s financial backing of the Reko Diq mine has underscored its commitment towards enabling economic growth in the Asia-Pacific region. The bank is a renowned international development finance institution dedicated to reducing poverty in the Asia and Pacific region through loans, grants, research, and technical assistance to its member countries.

ADB’s generous financial package will significantly bolster the mining operations at Reko Diq, which has long been recognized as an untapped treasure trove of mineral resources. The secured funding will inevitably expedite the development process of the mine, allowing the exploitation of its vast reserves to contribute positively to Pakistan’s economic growth.

Barrick Gold Corporation has been entrusted with the management and development of the Reko Diq mine. These mining operations hold the potential to generate substantial employment, economic opportunities, and revenues for Pakistan in the forthcoming years.

With this financial endorsement from ADB, the focus will now shift to consummating the remaining formalities and kick-starting the mining operations at Reko Diq. The implementation process will likely be streamlined, paving the way for the full-scale extraction of the mine’s valuable resources.

The successful acquisition of $410 million worth of financing from ADB not only marks a significant achievement for the Reko Diq mine but also underscores Pakistan’s potential as a resource-rich country. The move is set to unlock a plethora of benefits for the local economy and the nation’s mining industry, laying the foundation for a prosperous and resource-sufficient future. Read more