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The Asian Development Bank (ADB) will provide a $410 million financing package to support the development of Reko Diq, one of the world’s largest untapped copper deposits, operated by Barrick Mining. This package consists of two loans totaling $300 million to Barrick and a $110 million financing guarantee for the government of Pakistan.
The funding is part of a broader $6.6 billion development plan for the mine, which is co-owned by Barrick and the government of Pakistan. Reko Diq is projected to generate around $70 billion in free cash flow over its lifespan, with production expected to start in 2028, initially delivering 200,000 tonnes of copper annually, increasing to 400,000 tonnes in later phases.
This initiative complements a previously agreed $700 million financing package from the International Finance Corporation (IFC) and indicates growing international interest in Pakistan’s mining sector, vital for diversifying global mineral supply chains away from China.
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