The Asian Development Bank (ADB) will provide a $410 million financing package to support development of Pakistan’s Reko Diq copper-gold project, one of the world’s largest untapped deposits, operated by Barrick Mining (NYSE: B), Reuters reported on Thursday, citing two sources.
The package includes two loans totaling $300 million to Barrick and a $110 million financing guarantee for the government of Pakistan. It forms part of a broader $6.6 billion development plan for the mine in Balochistan, which is 50% owned by Barrick and 50% by Pakistan’s federal and provincial governments.
Shares of Barrick rose 0.6% Thursday morning, valuing the miner at $42.9 billion.
Reko Diq’s scale and outlook
Reko Diq is forecast to generate about $70 billion in free cash flow over its life and more than $90 billion in operating cash flow. The mine is expected to begin production in 2028, initially delivering…
