NEWS

IFC Invests $700 Million in Pakistan's Reko Diq Copper-Gold Mine Project

The International Finance Corporation (IFC) has agreed to provide a $400 million subordinated loan for the Reko Diq copper-gold mine in Pakistan, adding to its previous commitment of $300 million. This brings the total IFC financing for the project to $700 million. The mine, located in Balochistan, is one of the world's largest undeveloped copper-gold deposits and is expected to start production in 2028. The Reko Diq mine is being developed by Barrick Gold, which holds a 50% stake, while the remaining shares are held by the federal and local governments of Pakistan. The estimated development cost for the mine is $6.6 billion, which will be financed through a combination of debt and equity. According to Barrick's estimates, the mine is expected to generate up to $74 billion in free cash flow over its 37-year mining life.