ISLAMABAD (TNS) The Prime Minister Shahbaz Sharif is working day and night for the development of the economy, the Reko Diq Project is important for the development of our economy
The purpose of government schemes in this is to make local people partners in this important project and remove doubts about the misuse of resources.
This project is also a reflection of the Prime Minister’s 2035 vision. He has expressed his determination to increase the country’s exports to $60 billion by 2029, make the country a trillion-dollar economy and get rid of debt under the 2035 vision.
The inflation rate is decreasing, the holding of the Minerals Investment Forum is proof that our direction is right, Shahbaz Sharif says that when we took over the government, inflation had reached 38 percent and the policy rate had reached a dangerous level of 22 percent. Today it has reduced to 11 percent. We did not just make policies, we worked day and night and left the rest to Allah.
The reduction in the policy rate is bringing stability to business, the interest rate has come down from 22 percent to 12 percent, and the Prime Minister’s main goal is to provide relief to the common man.
The government under the leadership of Prime Minister Muhammad Shehbaz Sharif is committed to economic development after economic stability in the country. The government’s efforts to stabilize the economy in the country have been successful.
There has been a rapid recovery in foreign exchange reserves in terms of remittances, which have now reached about $20 billion. Interest rates are continuously coming down from the highest levels in history, due to which there has been a huge boom in the stock market.
In the fiscal year 2024-25, Pakistanis living abroad sent $38.3 billion in remittances, which is $8 billion more than in the fiscal year 2023-24.
The 26.6% increase in remittances is a very welcome increase. The State Bank’s reserves increased by $1.77 billion, after which the central bank’s reserves reached $14.5 billion.
The record increase in remittances is a reflection of the valuable services of Pakistanis living abroad and their confidence in the Pakistani economy.
It should be recalled that on March 24 last year, Pakistan’s Prime Minister Shahbaz Sharif had assured better security for workers working on the Reko Diq project and for logistics and transportation from the project site to the port. The Prime Minister made this assurance in a meeting, which was attended by a delegation of the Canadian company Barrick Gold, which is working on Reko Diq, via video link and was led by Chief Executive Mark Bristow. Prime Minister Shahbaz Sharif stressed the importance of protecting workers involved in the Reko Diq project and pledged to ensure their safety and smooth logistics from Reko Diq to the port. The Reko Diq project is a mining operation in Reko Diq town of Chagai district of Balochistan province, which is one of the largest copper and gold reserves in the world. Prime Minister Shahbaz Sharif had directed that all stakeholders be consulted at the government level regarding the Reko Diq project and all obstacles be removed.
The Reko Diq project has reserves of over $60 billion. The first phase of production will begin in 2028. It should be noted that Reko Diq is a major mineral project located in the Balochistan province of Pakistan, which has vast reserves of gold and copper. Reko Diq is located in the Chagai district of Balochistan province, a mountainous region close to both Afghanistan and Iran. Chagai is the same area in whose bosom Pakistan became a nuclear power by carrying out a nuclear explosion in 1998. The area is known for the presence of volcanic rocks and various minerals. A feasibility study in 2024 confirmed the presence of 15 million tons of copper and 26 million ounces of gold in Reko Diq. The Minister of Energy and Petroleum recently told the National Assembly that the first phase of production from Reko Diq will begin in 2028, which will be 300,000 ounces of gold and 200,000 tons of copper annually. The second phase will start production in 2034, increasing annual gold production to 500,000 ounces and copper to 400,000 tonnes. It will be the largest investment project in Pakistan and is expected to generate free cash flow of more than US$75 billion over the approximately 37-year life of the current mine plan. These figures are based on actual cash flows, which are conservative. Given price increases over time, free cash flow could exceed US$100 billion. Canada’s Barrick Gold Corporation is currently working on the project in partnership with the government of Pakistan. The government of Pakistan holds a 25% stake. A significant recent development is the apparent interest of Saudi Arabia’s state investment fund, Manara Minerals. It is expected to acquire a 10-20% stake in the Reko Diq project. Keeping in mind the concerns of Balochistan, the government ensured that the company operating there for the development of the province would pay an advance royalty of $5 million in the first year and $7.5 million in the second year to the provincial government, which would be $10 million per year in the third year and thereafter until commercial production. In addition to the federal government, the Balochistan government would also have a 25 percent share, and other economic benefits in terms of taxes and royalties would also be available. The Balochistan government would be paid a five percent royalty. Balochistan is also expected to benefit considerably in terms of jobs. 7,500 jobs will be created during the peak of the project. Currently, 77 percent of the employees of the Reko Diq Mining Company are from Balochistan. In addition, various other measures have been taken to provide maximum benefits to the people of Balochistan: through which work is underway on health, education and other infrastructure in the area. Scholarships are also being provided to local students. The apparent aim of the government schemes is to make local people partners in this important project and to remove doubts and suspicions about misuse of resources. There is also a proposal that 75 percent of Balochistan’s share of the project’s revenue should be spent on the surrounding districts. The federal government insists that the Reko Diq project has a strong monitoring mechanism to ensure fair distribution and accountability. The Reko Diq Mining Company is overseen by a board chaired by the Balochistan Chief Secretary, which includes the Secretary Minerals and representatives from other federal and state agencies. The board holds quarterly meetings to review the project’s progress and ensure transparency.
A formal feasibility study has confirmed that the Reko Diq project in Balochistan has copper and gold reserves worth more than $60 billion at current prices. Three state-owned energy companies have more than doubled their funding pledges to $1.9 billion. According to the report, Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL) and Government Holdings (Pvt) Limited (GHPL) had initially pledged $300 million for the project, which has now been increased to $627 million. Thus, the total funding of the three has increased from an initial $900 million to about $1.88 billion. OGDCL announced that the Reko Diq project is expected to produce a total of 13.1 million tons of copper and 17.9 million ounces of gold (on a 100% basis) based on existing reserves. The feasibility study has also confirmed a 25% return on investment for one of the largest copper and gold projects, he added. The project will be operated entirely on solar energy, making it the only green project of its kind in the world so far. The price of gold per ounce is $3,016 and the price of copper per ton is $9,815, which makes the total production more than $60 billion, including $54 billion in gold and $6 billion in copper. Under the latest feasibility study, the first phase will produce 45 million tons of copper annually from 2028. The project is planned to process 100,000 tonnes of mill feed (MTPA), earlier estimated at around 40 million tonnes, OGDCL said, adding that it plans to double the processing capacity to 90 MTPA in Phase 2 by 2034. The latest feasibility study outlines a 37-year mine life span divided into two phases, with the first phase of the project estimated at $5.6 billion (excluding financing costs and inflation) and expected to commence operations in 2028. OGDCL said that it is working on a limited-route financing facility of up to $3 billion for the project, while the remaining amount will be provided through shareholder contributions. Negotiations are underway to finance the project. The project will benefit from 5 of the 15 porphyry surface impressions currently identified within the existing mining lease, highlighting significant potential for future development. The second phase is planned to be financed through a combination of project revenue, additional project financing and shareholder contributions. The company said that in light of these developments, the OGDCL Board of Directors has approved an increase in the company’s funding commitment to $627 million, including project financing costs, reflecting its proportionate share of the total investment. The increase is due to potential increases in copper and gold prices, which have helped offset the increase in project costs. OGDCL said that taking into account the project financing, the company’s shareholders’ equity contribution is expected to be $349 million, which will be adjusted for the original project financing cost and inflation. PPL also said that its board of directors has approved an increase in its funding commitment for the project, which takes its share of the total investment to $627 million. The board has also given in-principle approval to obtain project financing, taking into account the financing of the project, the shareholders’ equity contribution from the company is expected to be $349 million. OGDCL has announced the completion of the latest feasibility study of the Reko Diq project, which marks a major milestone in Pakistan’s journey towards opening one of the world’s largest undeveloped copper and gold resources. OGDCL’s share in the project is 8.33%, which is a total of 25% of the shares held by 3 Pakistani SOEs, including PPL and GHPL. The interests of the SOEs are managed by Pakistan Minerals (Private) Limited, the remaining share of which is held by 25% is held by the Balochistan government (15% through Balochistan Mineral Resources Limited and 10% is provided independently) and 50% is held by Barrick Gold Corporation, the operator of the project. Reko Diq pays $28 million in taxes to Balochistan Reko Diq Mining Corporation (RDMC) has said that the company has paid over $28 million in taxes, royalties and social investments to the Balochistan government. According to the report, these details were shared during a media briefing on the progress of the Reko Diq project. Communications Manager Samia Ali Shah said that by June 2025, $17.5 million in royalties, about $3.8 million in taxes (collected from employees and other parties) and $7.2 million in social investments have been paid. The Balochistan government is a 25% partner in the project, However, it did not make any direct investment in it, the project as a whole is based on an equal partnership between the Government of Pakistan and RDMC. The briefing also highlighted the company’s efforts to develop the local workforce. Also present on the occasion were the trained youth who returned from Argentina after completing 18 months of training with the company’s support. It may be recalled that on March 25, 2025, the Oil and Gas Development Company Limited (OGDCL) had announced the completion of the feasibility study for the Reko Diq project. The announcement said that the project is a key part of the effort to develop the world’s largest copper and gold reserves in Pakistan. OGDCL holds an 8.33 percent stake in the project, which forms a joint 25 percent stake with two other government entities, Pakistan Petroleum Limited (PPL) and Government Holdings (Private) Limited (GHPL). Another 25 percent stake is held by the Balochistan government, and the remaining 50 percent is held by Barrick Gold Corporation, which is also the operator of the project. According to the feasibility study, the mining period of the project will be based on 37 years, which will be completed in two phases, the first phase will cost $5.6 billion, and it will start operations in 2028. A loan of $3 billion will be taken for this, while the remaining amount will be provided by shareholders. The first phase of the project will process 45 million tonnes of raw material per year, and the second phase will increase this capacity to 90 million tonnes per year from 2034. According to an estimate, 13.1 million tonnes of copper and 17.9 million ounces of gold will be extracted from the Reko Diq project. The OGDCL board of directors has decided to increase the investment for the project to $627 million, of which $349 million will be provided by the company’s shareholders, while the remaining amount will be obtained through debt. The project will help create employment opportunities in Pakistan, strengthen the economy, and increase government revenue.
Reko Diq Project; A reflection of Prime Minister Shahbaz Sharif’s Vision 2035….
(Asghar Ali Mubarak)
The Prime Minister Shahbaz Sharif is working day and night for the development of the economy, the Reko Diq Project is important for the development of our economy
The purpose of government schemes in this is to make local people partners in this important project and remove doubts about the misuse of resources.
This project is also a reflection of the Prime Minister’s 2035 vision. He has expressed his determination to increase the country’s exports to $60 billion by 2029, make the country a trillion-dollar economy and get rid of debt under the 2035 vision.
The inflation rate is decreasing, the holding of the Minerals Investment Forum is proof that our direction is right, Shahbaz Sharif says that when we took over the government, inflation had reached 38 percent and the policy rate had reached a dangerous level of 22 percent. Today it has reduced to 11 percent. We did not just make policies, we worked day and night and left the rest to Allah.
The reduction in the policy rate is bringing stability to business, the interest rate has come down from 22 percent to 12 percent, the Prime Minister’s main goal is to provide relief to the common man.
The government under the leadership of Prime Minister Muhammad Shehbaz Sharif is committed to economic development after economic stability in the country. The government’s efforts to stabilize the economy in the country have been successful.
There has been a rapid recovery in foreign exchange reserves in terms of remittances, which have now reached about $20 billion. Interest rates are continuously coming down from the highest levels in history, due to which there has been a huge boom in the stock market.
In the fiscal year 2024-25, Pakistanis living abroad sent $38.3 billion in remittances, which is $8 billion more than in the fiscal year 2023-24.
The 26.6% increase in remittances is a very welcome increase. The State Bank’s reserves increased by $1.77 billion, after which the central bank’s reserves reached $14.5 billion.
The record increase in remittances is a reflection of the valuable services of Pakistanis living abroad and their confidence in the Pakistani economy.
It should be recalled that on March 24 last year, Pakistan’s Prime Minister Shahbaz Sharif had assured better security for workers working on the Reko Diq project and for logistics and transportation from the project site to the port. The Prime Minister made this assurance in a meeting, which was attended by a delegation of the Canadian company Barrick Gold, which is working on Reko Diq, via video link and was led by Chief Executive Mark Bristow. Prime Minister Shahbaz Sharif stressed the importance of protecting workers involved in the Reko Diq project and pledged to ensure their safety and smooth logistics from Reko Diq to the port. The Reko Diq project is a mining operation in Reko Diq town of Chagai district of Balochistan province, which is one of the largest copper and gold reserves in the world. Prime Minister Shahbaz Sharif had directed that all stakeholders be consulted at the government level regarding the Reko Diq project and all obstacles be removed.
The Reko Diq project has reserves of over $60 billion. The first phase of production will begin in 2028. It should be noted that Reko Diq is a major mineral project located in the Balochistan province of Pakistan, which has vast reserves of gold and copper. Reko Diq is located in the Chagai district of Balochistan province, a mountainous region close to both Afghanistan and Iran. Chagai is the same area in whose bosom Pakistan became a nuclear power by carrying out a nuclear explosion in 1998. The area is known for the presence of volcanic rocks and various minerals. A feasibility study in 2024 confirmed the presence of 15 million tons of copper and 26 million ounces of gold in Reko Diq. The Minister of Energy and Petroleum recently told the National Assembly that the first phase of production from Reko Diq will begin in 2028, which will be 300,000 ounces of gold and 200,000 tons of copper annually. The second phase will start production in 2034, increasing annual gold production to 500,000 ounces and copper to 400,000 tonnes. It will be the largest investment project in Pakistan and is expected to generate free cash flow of more than US$75 billion over the approximately 37-year life of the current mine plan. These figures are based on actual cash flows, which are conservative. Given price increases over time, free cash flow could exceed US$100 billion. Canada’s Barrick Gold Corporation is currently working on the project in partnership with the government of Pakistan. The government of Pakistan holds a 25% stake. A significant recent development is the apparent interest of Saudi Arabia’s state investment fund, Manara Minerals. It is expected to acquire a 10-20% stake in the Reko Diq project. Keeping in mind the concerns of Balochistan, the government ensured that the company operating there for the development of the province would pay an advance royalty of $5 million in the first year and $7.5 million in the second year to the provincial government, which would be $10 million per year in the third year and thereafter until commercial production. In addition to the federal government, the Balochistan government would also have a 25 percent share, and other economic benefits in terms of taxes and royalties would also be available. The Balochistan government would be paid a five percent royalty. Balochistan is also expected to benefit considerably in terms of jobs. 7,500 jobs will be created during the peak of the project. Currently, 77 percent of the employees of the Reko Diq Mining Company are from Balochistan. In addition, various other measures have been taken to provide maximum benefits to the people of Balochistan: through which work is underway on health, education and other infrastructure in the area. Scholarships are also being provided to local students. The apparent aim of the government schemes is to make local people partners in this important project and to remove doubts and suspicions about misuse of resources. There is also a proposal that 75 percent of Balochistan’s share of the project’s revenue should be spent on the surrounding districts. The federal government insists that the Reko Diq project has a strong monitoring mechanism to ensure fair distribution and accountability. The Reko Diq Mining Company is overseen by a board chaired by the Balochistan Chief Secretary, which includes the Secretary Minerals and representatives from other federal and state agencies. The board holds quarterly meetings to review the project’s progress and ensure transparency.
A formal feasibility study has confirmed that the Reko Diq project in Balochistan has copper and gold reserves worth more than $60 billion at current prices. Three state-owned energy companies have more than doubled their funding pledges to $1.9 billion. According to the report, Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL) and Government Holdings (Pvt) Limited (GHPL) had initially pledged $300 million for the project, which has now been increased to $627 million. Thus, the total funding of the three has increased from an initial $900 million to about $1.88 billion. OGDCL announced that the Reko Diq project is expected to produce a total of 13.1 million tons of copper and 17.9 million ounces of gold (on a 100% basis) based on existing reserves. The feasibility study has also confirmed a 25% return on investment for one of the largest copper and gold projects, he added. The project will be operated entirely on solar energy, making it the only green project of its kind in the world so far. The price of gold per ounce is $3,016 and the price of copper per ton is $9,815, which makes the total production more than $60 billion, including $54 billion in gold and $6 billion in copper. Under the latest feasibility study, the first phase will produce 45 million tons of copper annually from 2028. The project is planned to process 100,000 tonnes of mill feed (MTPA), earlier estimated at around 40 million tonnes, OGDCL said, adding that it plans to double the processing capacity to 90 MTPA in Phase 2 by 2034. The latest feasibility study outlines a 37-year mine life span divided into two phases, with the first phase of the project estimated at $5.6 billion (excluding financing costs and inflation) and expected to commence operations in 2028. OGDCL said that it is working on a limited-route financing facility of up to $3 billion for the project, while the remaining amount will be provided through shareholder contributions. Negotiations are underway to finance the project. The project will benefit from 5 of the 15 porphyry surface impressions currently identified within the existing mining lease, highlighting significant potential for future development. The second phase is planned to be financed through a combination of project revenue, additional project financing and shareholder contributions. The company said that in light of these developments, the OGDCL Board of Directors has approved an increase in the company’s funding commitment to $627 million, including project financing costs, reflecting its proportionate share of the total investment. The increase is due to potential increases in copper and gold prices, which have helped offset the increase in project costs. OGDCL said that taking into account the project financing, the company’s shareholders’ equity contribution is expected to be $349 million, which will be adjusted for the original project financing cost and inflation. PPL also said that its board of directors has approved an increase in its funding commitment for the project, which takes its share of the total investment to $627 million. The board has also given in-principle approval to obtain project financing, taking into account the financing of the project, the shareholders’ equity contribution from the company is expected to be $349 million. OGDCL has announced the completion of the latest feasibility study of the Reko Diq project, which marks a major milestone in Pakistan’s journey towards opening one of the world’s largest undeveloped copper and gold resources. OGDCL’s share in the project is 8.33%, which is a total of 25% of the shares held by 3 Pakistani SOEs, including PPL and GHPL. The interests of the SOEs are managed by Pakistan Minerals (Private) Limited, the remaining share of which is held by 25% is held by the Balochistan government (15% through Balochistan Mineral Resources Limited and 10% is provided independently) and 50% is held by Barrick Gold Corporation, the operator of the project. Reko Diq pays $28 million in taxes to Balochistan Reko Diq Mining Corporation (RDMC) has said that the company has paid over $28 million in taxes, royalties and social investments to the Balochistan government. According to the report, these details were shared during a media briefing on the progress of the Reko Diq project. Communications Manager Samia Ali Shah said that by June 2025, $17.5 million in royalties, about $3.8 million in taxes (collected from employees and other parties) and $7.2 million in social investments have been paid. The Balochistan government is a 25% partner in the project, however, it did not make any direct investment in it, and the project as a whole is based on an equal partnership between the Government of Pakistan and RDMC. The briefing also highlighted the company’s efforts to develop the local workforce. Also present on the occasion were the trained youth who returned from Argentina after completing 18 months of training with the company’s support. It may be recalled that on March 25, 2025, the Oil and Gas Development Company Limited (OGDCL) had announced the completion of the feasibility study for the Reko Diq project. The announcement said that the project is a key part of the effort to develop the world’s largest copper and gold reserves in Pakistan. OGDCL holds an 8.33 percent stake in the project, which forms a joint 25 percent stake with two other government entities, Pakistan Petroleum Limited (PPL) and Government Holdings (Private) Limited (GHPL). Another 25 percent stake is held by the Balochistan government, and the remaining 50 percent is held by Barrick Gold Corporation, which is also the operator of the project. According to the feasibility study, the mining period of the project will be based on 37 years, which will be completed in two phases, the first phase will cost $5.6 billion, and it will start operations in 2028. A loan of $3 billion will be taken for this, while the remaining amount will be provided by shareholders. The first phase of the project will process 45 million tonnes of raw material per year, and the second phase will increase this capacity to 90 million tonnes per year from 2034. According to an estimate, 13.1 million tones’ of copper and 17.9 million ounces of gold will be extracted from the Reko Diq project. The OGDCL board of directors has decided to increase the investment for the project to $627 million, of which $349 million will be provided by the company’s shareholders, while the remaining amount will be obtained through debt. The project will help create employment opportunities in Pakistan, strengthen the economy, and increase government revenue
