Islamabad: The multibillion-dollar Reko Diq copper and gold mining project is progressing as planned, with financing for the USD 7.7 billion initiative nearing completion, officials told the Senate Standing Committee on Petroleum on Tuesday.
According to Masood Nabi, Managing Director of GHP, the project is expected to generate around USD 26 billion in benefits for Balochistan over its estimated 37-year operational lifespan. The federal government is projected to earn USD 11 billion, while Pakistani companies are expected to gain USD 15 billion. Nabi noted that these figures are based on the current projected life of the project, and any extension of operations could further increase the economic benefits.
Officials informed the parliamentary panel that approximately 20 percent of the groundwork has been completed. First-phase production is expected to begin by the end of 2028, according to the Secretary of the Petroleum Division.
The Reko Diq project, located in Balochistan, is considered one of the largest mining initiatives in Pakistan, with a focus on copper and gold extraction. Once operational, it is expected to provide significant revenue streams for the federal and provincial governments while also benefiting local industry and employment.
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