Project Reko Diq is getting close to “financial closure.”

International financial institutions like the World Bank, U.S. EXIM Bank, and U.K. EXIM Bank may be involved in the financial closing process, according to sources.

The financial arrangements are also anticipated to involve participation from the Asian Development Bank, the federal government, and the government of Balochistan.

Negotiations are in the final stages to finalize the terms of loans with global financial partners, the sources said and added that once the financial closure is achieved, investment flow toward Pakistan will accelerate.

An estimated $3 billion in investment from foreign financial partners is part of the project.

According to sources, $1.7 billion of the $3.4 billion in funding will come from the federal government of Pakistan, with $1.7 billion going to Balochistan.

Production is anticipated to start in around three years when the financial closure is finished.

Representatives from Balochistan shared their perspectives on the viability of the important Reko Diq mining project during a thorough session.
Earlier, Chief Executive Officer (CEO) Barrick Gold Mark Bristow said Reko Diq copper-gold project would be the beacon that leads Pakistan into the race of the top global mining jurisdictions.

Barrick Gold CEO said Reko Diq copper-gold project will economically benefit Pakistan and will also create thousands of jobs.