US EditionADB to Provide $410m Package for Reko Diq Mine
The $410 million financing includes $300 million in loans to Barrick Gold and a $110 million guarantee for Pakistan, supporting a mine expected to generate $70 billion in free cash flow.
- On Thursday, the Asian Development Bank approved a $410 million financing package for the Reko Diq mine in Balochistan, Pakistan, sources told Reuters ahead of an official announcement.
- After a 2022 legal settlement, Reko Diq mine development resumed as a $6.6 billion project jointly owned by Barrick Gold and federal and provincial governments.
- The financing comprises a $300-million loan package to Barrick and a $110-million guarantee for the government of Pakistan, sources said ahead of the formal announcement.
- From 2028 the mine should produce 200,000 metric tons of copper annually, rising to 400,000 after expansion, and could generate about $70 billion in free cash flow over 37 years, sources said.
- Developers expect to sign term sheets with the U.S. Export-Import Bank, Export Development Canada, and Japan’s JBIC this quarter, while earlier this year Barrick secured a $440 million Komatsu deal and OGDCL and PPL pledged $715 million each.
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The troubled history of Pakistan's Reko Diq copper mine in Balochistan
Once stalled by legal battles, local opposition, and a $6bn arbitration penalty, Pakistan’s Reko Diq copper mine is now seeing renewed momentum as the Asian Development Bank backs the project with its first mining loan in over four decades
·Mumbai, India
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Total News Sources20
Leaning Left1Leaning Right5Center2Last UpdatedBias Distribution63% Right
Bias Distribution
- 63% of the sources lean Right
63% Right
13%
C 25%
R 63%
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