By Reuters
ISLAMABAD: The Asian Development Bank will provide a $410 million financing package to help develop Pakistan鈥檚 Reko Diq copper mine, one of the world鈥檚 largest untapped deposits, which will be operated by Barrick Gold , two sources told Reuters 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 US 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 $300m to Barrick and a $110m financing guarantee for the Government of Pakistan, both sources said ahead of the official announcement.
The $6.6bn project in Balochistan is 50pc owned by Barrick with the other half held by the federal an