Pakistan’s mineral sector is witnessing a historic investment surge as Oil & Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL) increase their stakes in the Reko Diq copper-gold mining project. The two energy giants have now committed a total investment of $1.25 billion (approximately PKR 350 billion), solidifying Pakistan’s position in the global mining industry.

A Landmark Project with Massive Potential

Reko Diq, a world-class copper-gold mining project jointly owned by Barrick Gold and the Government of Pakistan, is set to transform the country’s economic landscape. With an estimated mine life of 37 years, the project is expected to yield approximately 13.1 million tons of copper and 17.9 million ounces of gold, making it one of the largest undeveloped copper-gold deposits in the world.

Strategic Approval from the Economic Coordination Committee (ECC)

Recognizing the project's growing significance, the Economic Coordination Committee (ECC) has approved key updates to the development plan. These adjustments take into account rising costs and an expanded scope, ensuring the project's feasibility and sustainability over the long term.

Phased Development for Maximum Output

The project will be executed in two phases:

1. Phase 1 (2028): With an estimated cost of $5.6 billion (PKR 1.57 trillion), this phase will commence production, processing 45 million tons of ore annually.

2. Phase 2 (2034): The second phase will further enhance operations, doubling processing capacity to 90 million tons per year.

Unlocking Future Growth and Economic Gains

The initial development will focus on five of the 15 identified copper-gold deposits, leaving room for future expansion and additional discoveries. This positions Pakistan as a key player in the global mineral market, attracting foreign investments and boosting economic growth.

A New Era for Pakistan’s Mining Industry

The increased investment in Reko Diq is a testament to Pakistan’s commitment to developing its vast mineral resources. With a clear roadmap and strategic partnerships, the project is poised to generate employment, strengthen infrastructure, and contribute significantly to the national economy.

As the nation gears up for large-scale production in 2028, Reko Diq stands as a symbol of Pakistan’s mining ambitions, unlocking wealth and prosperity for future generations.