The International Finance Corporation (IFC), the World Bank’s private investment branch, will offer $300 million in debt financing for Pakistan’s Reko Diq copper-gold mining project. This was disclosed by IFC in a brief announcement on Wednesday.
Reko Diq, located in Balochistan’s Chagai District, holds one of the world’s largest copper and gold reserves. Barrick Gold owns 50% of the project, with Pakistan and Balochistan governments holding the remaining stake.
Read more: Reko Diq Stake Sale to Saudi Arabia Denied by Minister
Barrick Gold’s CEO, Mark Bristow, stated at the Pakistan Minerals Investment Forum that the Reko Diq mine will elevate Pakistan to top global mining status.
A 2024 feasibility study revealed the mine holds 15 million tons of copper and 26 million ounces of gold, with the potential to be a low-cost copper producer.
Additionally, the World Bank has committed to $2 billion annually for Pakistan’s infrastructure over the next decade.
