ADB Approves $410m Funding for Pakistan’s Reko Diq Mine

The Asian Development Bank (ADB) has approved a $410 million financing package for the Reko Diq copper-gold mine in Balochistan, one of the world’s largest untapped copper reserves. The project, led by Canada’s Barrick Mining Corporation and jointly owned with the governments of Pakistan and Balochistan, is expected to begin production by 2028, producing 200,000 tonnes of copper and 250,000 ounces of gold annually in its first phase.

Supporters say the mine will generate thousands of jobs, attract foreign investment, and provide crucial copper for clean energy technologies. The project aligns with ADB’s new strategy to develop responsible mineral supply chains in the Asia-Pacific. The World Bank’s IFC – International Finance Corporation has also pledged $700 million in loans.

However, human rights groups strongly oppose the project, warning it could worsen repression in Balochistan, a region long affected by insurgency and conflict. Activists argue that meaningful community engagement is impossible under current conditions of fear and state crackdowns. The UN has previously raised concerns about enforced disappearances, extrajudicial killings, and targeting of human rights defenders in the province.

Barrick and ADB maintain that the project will meet international environmental and social standards, insisting that local communities largely support it.

Read more: Barrick Seeks $3.5 Billion Global Financing for Reko Diq