ISLAMABAD: Pakistan and Canada are stepping up cooperation in the mining sector as the $1.25 billion Reko Diq copper-gold project moves toward its construction phase, according to an official statement issued this week.
Reko Diq, located in Balochistan’s Chagai district, is among the world’s largest undeveloped copper-gold deposits. The project was revived in 2022 after years of international arbitration and is now being developed under a revised partnership led by Barrick Gold, which holds a 50% stake, alongside Pakistan’s federal and provincial governments.
Officials said construction is planned to begin in 2026, supported by international financing arrangements. The project recently secured $1.25 billion in financing approvals, a move expected to unlock up to $2 billion in additional equipment and services investment linked to large-scale mining operations.
Once operational, first production is targeted for late 2028, with projected annual output of around 200,000 tonnes of copper, in addition to significant gold production over the mine’s life.
Pakistan’s government views Reko Diq as a cornerstone investment for developing its mineral sector, increasing exports, generating foreign exchange and creating employment in Balochistan.
In this context, Federal Minister for Petroleum Ali Pervaiz Malik met Canada’s High Commissioner to Pakistan, Tarik Ali Khan, in Islamabad to discuss expanding bilateral cooperation in mining and energy.
According to the statement, the Canadian envoy described Reko Diq as a reference project for broader Pakistan–Canada mineral investment and said Ottawa was encouraging additional Canadian firms to explore opportunities in Pakistan.
He noted that Canadian expertise in large-scale mining, environmental management and community development could support Pakistan as it opens its mineral sector to international investors. Both sides also discussed cooperation in the energy sector, including technical assistance and future investment engagement.
