The World Bank’s private investment arm, International Finance Corporation (IFC), will provide $300 million in debt financing for the Reko Diq copper-gold mining project.
Barrick Gold’s copper and gold project also plans to lock in $2 billion in financing from international lenders, with term sheets signed by early Q3, its project director for the mine said on Tuesday.
The funding will support the development of the Reko Diq mine, one of the world’s largest underdeveloped copper-gold deposits, which is hoped to generate $70bn in free cash flow and $90bn in operating cash flow.
Barrick Gold and the federal and Balochistan governments own the project jointly. The financing for phase one of the project, which is expected to start production in 2028, is being discussed with multiple lenders.
During an interview at Minerals Investment Forum 2025, Reko Diq’s Project Director Tim Cribb said the mine was looking at $650m from the IFC and International Development Association. Cribb added that the mine was also in talks with the US Export-Import Bank for $500m-$1bn in financing, as well as $500m from development finance institutions, including the Asian Development Bank, Export Development Canada and Japan Bank for International Cooperation.