World Bank to Pitch in $300 Million for Reko Diq

The International Finance Corporation (IFC), the World Bank’s private investment arm, will provide $300 million in debt financing for Pakistan’s Reko Diq copper-gold mining project, Reuters reported. This was announced by the IFC in a brief disclosure on Wednesday. Located in the Chagai District of Balochistan, Reko Diq is home to one of the world’s largest copper and gold deposits. Barrick Gold holds a 50 percent stake, while the governments of Pakistan and Balochistan own the remaining 50 percent. Barrick Gold chief executive officer (CEO) Mark Bristow said at the Pakistan Minerals Investment Forum on Tuesday that the Reko Diq copper and gold mine will put Pakistan “into the ranks of the top global mining jurisdictions”. Speaking at the forum, Barrick Gold’s CEO emphasized that the Reko Diq project is a critical milestone for both the company and Pakistan. In 2024, a feasibility study revealed that the mine contains 15 million tons of copper reserves and 26 million ounces of gold, with the potential to become one of the lowest-cost copper producers worldwide. The World Bank has also committed $2 billion financing per year in Pakistan’s infrastructure over the next decade.