Pakistan’s state-owned enterprises, Oil & Gas Development Company Ltd. (OGDCL) and Pakistan Petroleum Ltd. (PPL), have each increased their investment in the Reko Diq copper-gold mining project to $627 million, totaling $1.25 billion. This decision reflects their commitment to advancing one of the world’s largest undeveloped copper-gold deposits.
Reko Diq is jointly owned by Canadian mining firm Barrick Gold Corporation and Pakistan. The ownership structure includes 25% held by the provincial government of Balochistan and 50% by Barrick Gold, which operates the project. A recent feasibility study indicates a mining lifespan of 37 years, with expected yields of 13.1 million tons of copper and 17.9 million ounces of gold.
The Economic Coordination Committee (ECC) of Pakistan’s federal cabinet has approved adjustments to the project’s development plan. These changes account for factors such as inflation, enhanced project scope, energy mix considerations, alternative water supply options, and updated processing plants and machinery. The ECC has directed the Ministries of Petroleum and Finance to coordinate closely to ensure timely implementation of the project.
This increased investment underscores Pakistan’s dedication to harnessing its mineral resources for economic growth and development.
