The International Finance Corporation (IFC), the World Bank’s private sector investment arm, has pledged $300 million in debt financing for the development of the Reko Diq copper-gold mining project in Balochistan, Pakistan. The funding is part of a broader financing effort aimed at securing over $2 billion from international lenders by early Q3 2025.
Barrick Gold, which jointly owns the project with the federal and Balochistan governments, expects to begin production in 2028. The mine is one of the world’s largest undeveloped copper-gold deposits and is projected to generate $70 billion in free cash flow and $90 billion in operating cash flow over its life.
Reko Diq’s Project Director Tim Cribb, speaking at the Minerals Investment Forum 2025, revealed ongoing discussions with various lenders, including the US Export-Import Bank (for $500 million–$1 billion), the Asian Development Bank, Export Development Canada, and Japan Bank for International Cooperation. Additional financing from the International Development Association is also being explored.
Cribb noted that railway infrastructure financing—estimated between $500–$800 million—is also under negotiation, with an initial cost of around $350 million.
A recent feasibility study upgraded the project’s scope, raising phase one throughput to 45 million tonnes annually and phase two to 90 million tonnes. The mine’s operational lifespan has been adjusted to 37 years due to increased throughput, though unaccounted reserves could extend it up to 80 years. The cost for phase one has also been revised from $4 billion to $5.6 billion.
The World Bank plans to invest $2 billion annually in Pakistan’s infrastructure over the next decade. Lenders are expected to pursue offtake agreements with Asian and European buyers, including Japan, Korea, Sweden, and Germany, to secure copper supplies for their industries.
