Today's Edition
Islamabad (AFP)
The Asia Development Bank approved a $410 million package for developing Pakistan's Reko Diq copper and gold mine on Friday, as the country's rare earth deposits draw foreign interest.
The potentially hugely lucrative open-pit project in Pakistan's Balochistan province seeks to develop one of the world's largest untapped copper and gold deposits, with production expected to start in 2028.
The ADB package includes $300 million in loans to Canadian firm Barrick and a $110 million credit guarantee for the local government.
When completed, Reko Diq is projected to be the world's fifth-largest copper mine, a metal critical for wiring, motors and renewable energy technology.
"Reko Diq will help the critical minerals supply chain, while advancing the clean energy transition and driving digital innovation," ADB President Masato Kanda said in a statement.
Kanda called the package "a game-changer for Pakistan... underpinning the nation's transition toward a more resilient and diversified economy."
"Barrick is committed to responsible mining and sharing the benefits of its operations with local stakeholder and partners, based on open and transparent engagement and the highest environmental and social safeguards," the firm said in a statement.
