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Reko Diq Copper-Gold Project Eyes $2 Billion in Global Financing, Production Set for 2028
Barrick Gold’s Reko Diq mine is gearing up to lock in $2 billion from global lenders to fuel one of the world's largest copper-gold projects. With operations starting in 2028, this venture is expected to generate over $160 billion in cash flow over its lifespan.
ND
by News Desk
2025-04-10
Reko Diq Copper-Gold Project Eyes $2 Billion in Global Financing, Production Set for 2028

Barrick Gold’s Reko Diq copper and gold mining project is on track to secure more than $2 billion in financing from international lenders, with key term sheets expected to be finalized by early Q3, according to Project Director Tim Cribb.

Speaking at the Minerals Investment Forum 2025, Cribb said funding talks are ongoing with several financial institutions, including a proposed $650 million from the International Finance Corporation (IFC) and the International Development Association. Discussions are also underway with the U.S. Export-Import Bank for financing between $500 million to $1 billion, alongside additional support from the Asian Development Bank, Export Development Canada, and Japan Bank for International Cooperation.

The financing will support Phase One of the Reko Diq project—considered one of the world’s largest underdeveloped copper-gold reserves—set to begin production by 2028. The project is jointly owned by Barrick Gold, the Government of Pakistan, and the Government of Balochistan.

The latest feasibility study has increased projected throughput from 40 million to 45 million tonnes annually for Phase One, and from 80 million to 90 million tonnes for Phase Two. While the mine’s official life has been shortened from 42 to 37 years due to higher throughput, Barrick estimates that additional mineral discoveries could potentially extend operations up to 80 years.

The cost of Phase One has also risen to $5.6 billion from the earlier estimate of $4 billion. Infrastructure development, including railways, is expected to cost between $500 to $800 million, with initial costs estimated at $350 million.

Lenders are expected to secure long-term offtake agreements with clients in countries like Japan, Korea, Sweden, and Germany—nations seeking reliable copper supplies for their industries.

The World Bank has also committed to investing $2 billion annually in Pakistan’s infrastructure over the next decade, a move likely to benefit mega-projects like Reko Diq.
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