ADB Approves $410mn Financing to Support Pakistan’s Reko Diq Mine, Largest FDI in Country’s History

The Asian Development Bank (ADB) has approved a $410 million financing package to support the development of Pakistan’s Reko Diq copper-gold mine, one of the world’s largest untapped deposits, operated by Barrick Gold.

According to ADB, the package includes up to $300 million in senior loans to Reko Diq Mining Company (RDMC) and a $110 million partial credit guarantee to support the equity share of the Government of Balochistan.

The project represents the single largest foreign direct investment (FDI) in Pakistan’s history and is expected to play a transformative role in the nation’s economy.

Once operational, Reko Diq is projected to become the fifth-largest copper mine globally, producing an average of 800,000 tons of copper concentrate annually.

ADB President Masato Kanda stated that Reko Diq will strengthen the global supply chain of critical minerals essential for clean energy transition, electric vehicles, digital infrastructure, and renewable energy technologies.

Located in Balochistan’s Chagai district, Pakistan’s least developed province, the project is expected to generate quality jobs and spur regional economic growth.

The RDMC joint venture ensures equitable benefit-sharing, with Barrick Gold holding 50%, the Government of Balochistan 25%, and three federal state-owned enterprises jointly holding the remaining 25%.

ADB also highlighted that this is its first mining project under the new Critical Minerals-to-Manufacturing Value Chains approach, designed to support Asia-Pacific economies in meeting rising demand for strategic minerals.

The approval by ADB’s Board paves the way for final loan documentation and formal agreements in the coming months.