Asian Development Bank Approves Financing Package for Reko Diq Copper-Gold Mine in Pakistan

The Asian Development Bank (ADB) has approved a financing package for the Reko Diq copper-gold mine in Pakistan, marking a significant step towards meeting rising global demand for critical minerals and promoting economic development in the nation. The project, which will unlock transformative economic growth and poverty reduction, is expected to create thousands of jobs and stimulate regional economic growth. ADB President Masato Kanda highlighted the project's potential to drive digital innovation, clean energy transition, and digital transformation across the region and beyond.

Key Takeaways:

• The ADB has approved a financing package of up to $410 million for the Reko Diq copper-gold mine, making it the largest foreign direct investment in Pakistan's history.
• The project is expected to produce 800,000 tons of copper concentrate per annum in the first phase, addressing the projected global copper shortfall.
• Located in the Chagai district of Balochistan, the mine is expected to have a significant impact on the economy, creating jobs and stimulating regional economic growth.
• The mine is being developed with robust environmental, social, and governance standards and will operate for at least 37 years.
• RDMC, a joint venture between Barrick Mining Corporation and the Government of Balochistan, will own the mine and ensure equitable benefit-sharing.
• The project will support social development programs in healthcare and education, including targeted initiatives for communities, especially women.

Statistics:

• Up to $410 million in financing package approved by the ADB for the Reko Diq copper-gold mine.
• The project is expected to produce 800,000 tons of copper concentrate per annum in the first phase.
• The mine is expected to operate for at least 37 years.
• Over 69 members, 50 from the region, own the Asian Development Bank.

Sources:

• Asian Development Bank. (2022). ADB financing package for Reko Diq copper-gold mine approved.
• Asian Development Bank. (1966). ADB founded with 69 founding members.