ISLAMABAD – The Reko Diq mining project is set to become Pakistan’s largest foreign investment, with projected earnings exceeding $75 billion over its 37-year lifespan.
During a session in the National Assembly, Parliamentary Secretary Mian Khan Bugti informed lawmakers that negotiations with Saudi Arabia for investment in the project are ongoing, though no final agreement has been signed yet. He assured that updates would be shared once discussions reach a conclusive stage.
The project, located in Balochistan, is expected to yield massive gold and copper reserves, with the provincial government securing a 25% stake. Balochistan has already received $10 million in the first year, with $57.5 million expected in the second year. Additionally, annual advance payments of $10 million will continue until commercial production begins, capped at $50 million total.
The first phase of construction will run from 2025 to 2028, with production starting in 2028, while the second phase will span 2028 to 2033, with output beginning in 2034. Initial production targets include 300,000 ounces of gold and 200,000 tons of copper annually, increasing to 500,000 ounces of gold and 400,000 tons of copper in the second phase.
The project also prioritizes environmental protection, community development, job creation, and local business opportunities, with a monitoring system in place to ensure fair distribution and transparency. Since 2022, $5.3 million has been allocated for education, health, skill training, and clean water initiatives in the region.
