ISLAMABAD: The financial close for the Reko Diq Mining Project is projected for June 2025, with the Asian Development Bank (ADB) exploring a third-party guarantee arrangement, according to sources.
During a progress review meeting chaired by the Project Support Team (PST) at the Prime Minister’s Office, key milestones were discussed, including the completion of the feasibility study by December 2024 and achieving financial close six months later.
The Reko Diq mine, jointly owned by Barrick Gold (50%), federal state-owned enterprises (25%), and the Balochistan Government (25%), has seen collaboration among federal and provincial bodies. However, delays in ADB’s guarantee approval and water extraction permits remain critical hurdles.
Progress on infrastructure agreements, including track access with Pakistan Railways and cargo handling with Pakistan International Bulk Terminal (PIBT), continues. Meanwhile, revisions to mining regulations and the Mines Act are underway to meet lender requirements.
The team reiterated its commitment to meeting deadlines, emphasizing the importance of enhanced coordination and expedited approvals to advance Pakistan’s flagship mining project.
Story by Mushtaq Ghumman
