OGDCL Commits 715 Million Dollars to Reko Diq

Oil & Gas Development Company Ltd. (OGDCL) has approved up to 715 million dollars in funding for the first phase of the Reko Diq copper and gold mining project, one of Pakistan’s most significant resource ventures. The decision was made at an Extraordinary General Meeting of shareholders. This contribution represents one-third of the total committed expenditure for phase one and will be provided to Pakistan Minerals Private Limited (PMPL) the holding company for Reko Diq Mining Company (RDMC), through equity or shareholder loans.

Alongside Pakistan Petroleum Limited and Government Holdings Private Limited, OGDCL will also issue guarantees to secure external financing. These guarantees are structured to ensure that state-owned enterprises share responsibility in line with their ownership stakes while maintaining liability limits.

The project agreements also include strict transfer restrictions to safeguard Pakistan’s strategic interests. Barrick Gold must retain majority control before financial completion, while the Government of Balochistan will continue to hold a free-carried equity interest and contributing stake.

Reko Diq is one of the world’s largest undeveloped copper and gold deposits, located in Balochistan. With financing commitments and governance safeguards now in place, the project is set to accelerate development and promises long-term economic benefits for both Balochistan and Pakistan.