World Bank to Pitch in $300 Million for Reko Diq
- Sara Habib
- April 11, 2025
- 8:30 am
- 39
- Current Affairs
The Reko Diq mining project in Balochistan has received a major financial boost. The International Finance Corporation (IFC), a part of the World Bank Group, will provide $300 million in debt financing. This will help develop one of the world’s largest copper and gold mines in Pakistan.
A Game-Changer for Pakistan’s Mining Industry
Reko Diq is located in the Chagai District of Balochistan. It is rich in copper and gold. This project is seen as a turning point for Pakistan’s mining sector. It is expected to bring jobs, investment, and growth to the region.
Strong Backing and Ownership
The project is a joint effort. Barrick Gold owns 50% of it. The governments of Pakistan and Balochistan own the other half. This mix of private and public partnership shows strong support from all sides.
Global Attention and Potential
Barrick Gold’s CEO, Mark Bristow, said the mine could place Pakistan among top mining countries globally. He shared this during the Pakistan Minerals Investment Forum. The CEO highlighted that Reko Diq is important for both the company and the country.
Huge Reserves and Low Costs
A 2024 study showed that Reko Diq has 15 million tons of copper and 26 million ounces of gold. It may become one of the lowest-cost copper producers in the world. This gives Pakistan a big chance to shine in global markets.
World Bank’s Long-Term Commitment
Besides the $300 million IFC funding, the World Bank plans to invest $2 billion each year in Pakistan’s infrastructure over the next ten years. This will help boost development and stability in key areas.
You can learn more about Pakistan’s mining plans from Barrick Gold and updates from Reuters.
