Pakistan’s Biggest Gold Project to Bring 7,500 Jobs and $53 Billion

Pakistan is set to earn $53 billion over 37 years from the Reko Diq Copper-Gold project in Balochistan, which will also create 7,500 employment opportunities for the local population. Officials told the Senate Standing Committee on Petroleum that the project’s financial close is expected next month, with construction scheduled to begin in 2028. Phase one of the $7.7 billion mega project requires $3.5 billion in financing, with estimated construction costs of $5.6-6 billion. Phase two, planned for 2032, will cost $3-3.6 billion. Once operational, annual production in the first phase is projected at 260,000 tons of copper and 300,000 ounces of gold, increasing to 400,000 tons of copper and 500,000 ounces of gold in the second phase. The project is expected to generate a total cash flow of $70 billion. The Balochistan government will receive $26 billion, the federal government $11 billion, and three government agencies will collectively earn $15 billion. Beyond economic gains, the project will bring significant community benefits. Clean drinking water, upgrades to primary schools, and skills training programs are planned. So far, 380 residents of Chagai district have completed vocational training, and 27 students have received scholarships to study abroad. Officials emphasized that there are no security concerns surrounding the project. International funding of $2.5 billion has been secured, with discussions ongoing with the World Bank, Asian Development Bank, IFC, and the governments of the United States and Japan to finalize the remaining financing.