ADB approves $410m for Reko Diq project

Islamabad: The Asian Development Bank (ADB) has approved a $410 million package for the Reko Diq project.

The package includes a $300 million loan for Barrick Gold. The remaining $110 million of the ADB package is a financing guarantee for the Government of Pakistan.

It is worth mentioning that Canadian company Barrick Gold had agreed in April this year to work on the Reko Diq project, which involves extracting gold and copper reserves in Pakistan.

According to US media, Barrick Gold will hold a 50% stake in the Reko Diq project, while the remaining 50% will be held by the Government of Pakistan and the Government of Balochistan.

The report also stated that according to Barrick Gold, work on the first phase of the project will begin this year, and the first production from the Reko Diq project is expected in 2028.