- Travel positions are planning to be one of the most important industrial companies in Pakistan history.
- IFC will also act as the main lender, environmental, social coordinator: offcial
- PM’s advisor says Reko Diq is about to become the cornerstone of the Pakistan economy.
Islamabad: the Reko Diq Copper project is about to have a significant impact on the economy of Pakistan by contributing to almost 1% to the country’s GDP each year, The news reported.
This positions it as one of the most important industrial companies in the history of Pakistan.
“Supported by the latest major financing set of the International Finance Corporation (IFC) – including a direct loan of US $ 300 million and US $ 400 million in mixed finance – the project marks the IFC first mining investment in Pakistan and signals global confidence renewed in the country’s economic potential,” said Dr. Tauqir Shah, Prime Minister’s main advisor.
Talk The newsHe said IFC will also act as a main lender and environmental and social coordinator, ensuring that the project aligns international standards and sustainable practices.
Recently, the IFC and the World Bank approved a concessional loan of $ 700 million for the Reko Diq project.
A media report said that due to this approval, the private sector should invest $ 2.5 billion in the Reko Diq project. Dr. Shah played a key role in this achievement.
The PM advisor said Reko Diq was about to become the cornerstone of the Pakistan economy, generating up to 2 billion dollars per year in gross value – equivalent to around 1% of the country’s GDP on the basis of figures for 2024. The project will also provide vital benefits in currencies, because 100% of income will be in foreign currency.
Mergé by Reko Diq Mining Company (Private) Limited (RDMC), the company should become one of the largest copper mines in the world, unlocking a massive economic, social and environmental potential of the country.
Property of Barrick Gold Corporation of Canada (50%), as well as Pakistani stakeholders, including three public enterprises (25%) and the Balutchistan government (25%), the Reko Diq mine has one of the largest reserves of unexploited copper on the planet.
“With a 40 -year -old projected mine life, the operation should give 200,000 to 250,000 tonnes of copper per year – at a time when global copper demand is skyrocketing, fueled by clean energy transition and infrastructure growth,” informed Dr. Shah.
He added that at the top of the construction, the project should create up to 10,000 jobs, prioritizing local Balouthes workers through the skill levels.
During its operational phase, the mine will support approximately 3,000 direct jobs and thousands of others thanks to indirect and supply chain.
Above all, RDMC undertakes to hire inclusive, with targeted programs to improve the participation of women in the workforce. RDMC has already invested US $ 2.5 million in local infrastructure, education, health services, drinking water initiatives and food security.
The company is committed to contributing 1% of construction costs and 0.4% of annual income -focused development income throughout the lifespan of the mine.
Meanwhile, official sources have said that with energy support, water and transport infrastructures under development, Reko Diq could open the way for mineral exploration and wider regional investments.
As one of the most ambitious mining projects ever undertaken in Pakistan, Reko Diq is about to reshape the economic future of Balutchistan.
With international support, membership of environmental and social guarantees and the in -depth commitment of the community, the project could serve as a plan for responsible development of resources across the country, the sources explained.
There is a challenge for Pakistani railways to modernize the Reko Diq railways in Karachi and build a new railway from Reko Diq to the port of Gwadar.
Meanwhile, an official superior source deplored: “Considering that this huge reservoir of global proportions was still there – and almost on the surface – it is a sad commentary on the governance and decision -making of successive governments that have not used this natural resource for the well -being of people and the country.”
He added: “This is an epic story, a fanciful decision -making, incompetence and misplaced judicial activism, which wasted three to four decades of the nation.”