The Oil and Gas Development Company Limited has announced the completion of the Reko Diq feasibility study, confirming investment of $627 million in the project.
According to spokesperson, the company holds an 8.33% stake in the $5.6 billion Reko Diq mining project, which is expected to yield 13.1 million tonnes of copper and 17.9 million ounces of gold over its 37-year lifespan.
The project, a joint venture between OGDCL, Pakistan Petroleum Limited (PPL), Government Holdings (Private) Limited (GHPL), Barrick Gold Corporation, and the Balochistan government, is expected to commence production in 2028.
The first phase of the project will process 45 million tonnes of ore per annum, with plans to increase capacity to 90 million tonnes per annum by 2034.
The OGDCL board of directors has approved financing arrangements for the project, with shareholder equity contributions estimated at $349 million.
