ADB to provide $410 million package for Barrick-run Pakistan mine

Monitoring Desk

ISLAMABAD: The Asian Development Bank (ADB) will provide a $410 million financing package to help develop Pakistan’s Reko Diq copper mine, one of the world’s largest untapped deposits, which will be operated by Barrick Gold, a foreign media outlet said on Thursday.

Islamabad hopes the project will serve as a springboard to draw more foreign interest to its mineral sector, particularly to exploit rare earth deposits. Pakistan has already attracted interest from the Trump administration and offered future concessions to U.S. companies.

The loans and a financing guarantee will support development of Reko Diq, which is expected to produce copper and gold from 2028 and generate about $70 billion in free cash flow over its lifespan.

The financing is composed of two loans totalling $300 million to Barrick and a $110 million financing guarantee for the government of Pakistan, both sources said ahead of the official announcement.

The $6.6 billion project in Balochistan is 50% owned by Barrick with the other half held by the federal and provincial governments.