ADB backs Reko Diq copper-gold mine in Pakistan with landmark financing
Project set to become world’s fifth-largest copper mine and biggest FDI in country’s history

Haris Zamir
Business Editor
Experience of almost 33 years where started the journey of financial journalism from Business Recorder in 1992. From 2006 onwards attached with Television Media worked at Sun Tv, Dawn Tv, Geo Tv and Dunya Tv. During the period also worked as a stringer for Bloomberg for seven years and Dow Jones for five years. Also wrote articles for several highly acclaimed periodicals like the Newsline, Pakistan Gulf Economist and Money Matters (The News publications)

In a landmark move expected to reshape Pakistan’s mining sector and boost its economic potential, the Asian Development Bank (ADB) has approved a comprehensive financing package for the development of the Reko Diq copper-gold mine in Balochistan.
The multibillion-dollar project, one of the largest of its kind in the world, is poised to address surging global demand for critical minerals while spurring transformative development and poverty reduction in Pakistan’s least developed province.
“Reko Diq will help the critical minerals supply chain, while advancing the clean energy transition and driving digital innovation across the region and beyond,” said ADB President Masato Kanda. “ADB’s support is also a game-changer for Pakistan, creating quality jobs and underpinning the nation’s transition toward a more resilient and diversified economy.”
Largest FDI in Pakistan’s history
ADB’s support for the project includes up to $300 million in senior loans to the Reko Diq Mining Company Private Limited (RDMC) and a $110 million partial credit guarantee to secure the Balochistan government’s equity share. The package is part of a broader, innovative financing structure aimed at attracting substantial private investment by mitigating risks.
The Reko Diq project is expected to become the largest foreign direct investment in Pakistan’s history.
Located in the mineral-rich Chagai district of Balochistan, the Reko Diq mine will be developed in two phases. Once fully operational, it is projected to become the fifth largest copper mine in the world, with initial annual output averaging 800,000 tons of copper concentrate. The mine is expected to be gin production by late 2028 and operate for at least 37 years.
A catalyst for local and national development
The project is anticipated to generate thousands of jobs, stimulate local supply chains, and fund extensive community development programs focused on healthcare, education, and women’s empowerment.
The ownership structure of RDMC reflects a commitment to equitable benefit-sharing. Canadian mining giant Barrick Gold holds a 50% stake and will lead the mine’s construction and operation. The remaining 50% is split between the Balochistan government (25%) and a consortium of three federal state-owned enterprises (25%).
Reko Diq also marks the first mining venture backed under ADB’s new Critical Minerals-to-Manufacturing Value Chains initiative, which aims to help countries across Asia and the Pacific leverage rising global demand for materials vital to renewable energy and digital technologies.
According to ADB, the project is being developed with strict environmental, social, and governance (ESG) safeguards. All activities are subject to rigorous due diligence, impact assessments, and compliance with ADB’s environmental and social requirements.
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