Oil and Gas Development Company Limited (OGDCL) has approved an increased funding commitment of $627 million for the Reko Diq copper and gold mining project. This significant investment follows the completion of an updated feasibility study, which outlines a projected 37-year mine life. Phase 1 of the project is expected to require a capital outlay of $5.6 billion, with commercial operations slated to begin in 2028.
OGDCL holds an 8.33% stake in the venture, which is set to become one of the world’s largest copper and gold mining projects. Over its lifespan, Reko Diq is anticipated to produce approximately 13.1 million tonnes of copper and 17.9 million ounces of gold, positioning Pakistan as a key player in the global mining sector.
The project is a joint venture involving Pakistani state-owned enterprises, the Government of Balochistan, and Barrick Gold Corporation, which serves as the project operator. This investment is expected to drive economic growth, create job opportunities, and strengthen Pakistan’s position in the global mineral market.
