The International Finance Corporation (IFC), the World Bank’s private sector arm, is set to extend $300 million in debt financing for Pakistan’s Reko Diq copper and gold mining project, according to a disclosure published on Wednesday.
Located in Balochistan’s Chagai district, Reko Diq is regarded as one of the world’s largest undeveloped copper and gold reserves.
The project is jointly owned by Barrick Gold, which holds a 50 per cent stake, while the remaining half is equally shared between the federal government and the government of Balochistan.
Speaking at the Pakistan Minerals Investment Forum on Tuesday, Barrick Gold CEO Mark Bristow described the project as a milestone for the country, saying it could place Pakistan on the global mining map.
He said the feasibility study, completed in 2024, confirmed that Reko Diq holds an estimated 15 million tonnes of copper and around 26 million ounces of gold.
“This mine is poised to become one of the world’s lowest-cost copper producers,” Bristow added.
In a broader context, the World Bank also intends to invest approximately $2 billion annually in Pakistan’s infrastructure sector over the next ten years.
Read next: Govt to invite fresh bids for PIA privatisation later this month
