
ISLAMABAD: The Asian Development Bank (ADB) approved a 410 million U.S. dollar financing package for the Reko Diq copper-gold mine in Pakistan, the ADB said on Friday.
The project will help meet rising global demand for critical minerals and unlock transformative economic development and poverty reduction in the South Asian country, the ADB said in a statement.
Located in the Chagai district of Pakistan’s southwest Balochistan, the Reko Diq copper-gold mine is expected to have a significant impact on the national economy.
“It will create thousands of jobs, stimulate regional economic growth, and support social development programs in healthcare and education, including targeted initiatives for communities, especially women,” said the ADB statement.
The mine is being developed with robust environmental, social, and governance standards, it said, adding that “it will start producing copper concentrate in late 2028 and is expected to operate for at least 37 years.”
In the first phase, the mine will produce on average 800,000 tons of copper concentrate per annum and play a key role in addressing the projected global copper shortfall, according to the ADB.