ISLAMABAD – Pakistani energy giants, Oil & Gas Development Company Ltd. (OGDCL) and Pakistan Petroleum Ltd. (PPL), have announced an increased investment commitment of $1.25 billion in the multi-billion-dollar Reko Diq copper-gold mining project. As two of the major state-owned shareholders, their decision reflects growing confidence in the project’s economic potential.
The Reko Diq mine, one of the world’s largest underdeveloped copper and gold reserves, is jointly owned by Canadian mining company Barrick Gold Corporation and the Government of Pakistan. Feasibility studies suggest the mine has a productive life of 37 years, promising yields of 13.1 million tons of copper and 17.9 million ounces of gold.
Phase one of the project, estimated to cost $5.6 billion, will commence operations in 2028, processing 45 million tons per annum. By 2034, phase two aims to double capacity to 90 million tons. The project is expected to contribute significantly to Pakistan’s exports and economic growth, leveraging local resources and global partnerships.
This strategic development signals Pakistan’s commitment to transforming its mining sector into a driver of national economic prosperity.
