Islamabad: The Reko Diq copper and gold project has entered a decisive new phase, with key financial obstacles finally removed through the intervention of the Special Investment Facilitation Council (SIFC). The breakthrough paves the way for one of Pakistan’s most significant mining ventures to move ahead with fresh momentum.
Officials confirmed that the Oil and Gas Development Company Limited (OGDCL) has approved a massive $715 million investment for the first phase of the project. The financing will be extended to Pakistan Minerals Private Limited in the form of equity or a shareholder loan. Alongside OGDCL, Pakistan Petroleum Limited and Government Holdings Private Limited will also back the project through a joint corporate guarantee a move aimed at securing investor confidence.
As part of its long-term infrastructure plan, the Reko Diq Mining Company has committed $350 million for the construction of a new railway line. Under the ML-3 initiative, this track will connect Reko Diq to Karachi’s Port Qasim within the next three years, enabling smoother transportation of extracted minerals.
Widely described as a potential “game changer,” Reko Diq is home to one of the world’s largest known deposits of copper and gold. Industry analysts project revenues of up to $90 billion, while thousands of new jobs and business opportunities are expected to emerge in Balochistan once operations ramp up.
For Pakistan, long plagued by stalled projects and investor concerns, the removal of financial roadblocks marks a rare moment of progress. With fresh guarantees in place and international partners watching closely, the Reko Diq project is now being positioned as a cornerstone of the country’s future economic growth.
