Reko Diq: ADB Funds Pakistan’s Copper Mining Revolution

The Asian Development Bank (ADB) has green-lit a major financing package aimed at developing the Reko Diq copper-gold mine in Pakistan, intended to address the increasing global demand for critical minerals. With ADB’s President Masato Kanda stating the mine will support Pakistan’s economic transition to a diversified economy, the financial institution is providing up to $300 million in senior loans to the Reko Diq Mining Company Private Limited (RDMC) and a $110 million partial credit guarantee covering government equity. Expected to become the world’s fifth-largest copper mine, the project should produce 800,000 tons of copper concentrate annually upon completion, addressing a projected shortage. Located in Balochistan, the project is expected to generate jobs, boost economic growth, and support social programs. RDMC is a joint venture involving Barrick Mining Corporation, the Government of Balochistan, and three federal entities, with plans to adhere to stringent ESG standards. The financing represents Pakistan's largest foreign direct investment, with initial operations starting this year and copper concentrate production anticipated by late 2028.