ISLAMABAD – The federal government on Thursday shared comprehensive details of the multibillion-dollar Reko Diq gold and copper mining project during a National Assembly session, calling it the largest investment initiative in the country’s history.
Minister of State for Petroleum, Ali Pervez Malik, informed the house that the first phase of production is set to begin in 2028, with a target of extracting 300,000 ounces of gold and 200,000 tons of copper annually. The second phase, scheduled to start in 2034, will aim for an increased annual output of 500,000 ounces of gold and 400,000 tons of copper.
“This is the largest investment in Pakistan, currently valued at $75 billion, which may rise to $100 billion depending on provincial shares and market fluctuations,” said the minister.
Highlighting the benefits for Balochistan, Malik said the province will receive a 25% share, in addition to taxes and royalties. “In the first year, Balochistan received $5 million, followed by $7.5 million in the second. From the third year onward, and until commercial production begins, the province will get $10 million annually,” he added.
The minister also disclosed that $53 million has already been spent on infrastructure and facilities for the project, with $10 million given to Balochistan in advance to support the construction phase. “The implementation phase will generate 7,500 jobs, providing a significant boost to employment and regional development,” Malik stated.
He further confirmed that Balochistan is expected to receive a total of $50 million by 2028, ahead of full-scale production, underlining the government’s commitment to ensuring the province benefits from the landmark mining project.
The Reko Diq project, located in Chagai district of Balochistan, is being developed through a partnership between Barrick Gold Corporation and the Government of Pakistan, aiming to tap into one of the world’s largest undeveloped copper-gold deposits.
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