ADB to provide $410 million package for Barrick-run Pakistan mine, sources say

he hills near the proposed site of the Reko Diq copper mine in Pakistan's province of Baluchistan are seen in this undated 2010 photo. (REUTERS/File)
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Updated 21 August 2025
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ADB to provide $410 million package for Barrick-run Pakistan mine, sources say

  • Reko Diq mine is expected to produce copper, gold from 2028 and generate about $70 billion in free cash flow over its lifespan
  • Financing composed of two loans totaling $300 million to Barrick, a $110 million financing guarantee for Pakistan’s government

ISLAMABAD: The Asian Development Bank will provide a $410 million financing package to help develop Pakistan’s Reko Diq copper mine, one of the world’s largest untapped deposits, which will be operated by Barrick Gold, two sources told Reuters on Thursday.

Islamabad hopes the project will serve as a springboard to draw more foreign interest to its mineral sector, particularly to exploit rare earth deposits. Pakistan has already attracted interest from the Trump administration and offered future concessions to US companies.

The loans and a financing guarantee will support development of Reko Diq, which is expected to produce copper and gold from 2028 and generate about $70 billion in free cash flow over its lifespan.

The financing is composed of two loans totaling $300 million to Barrick and a $110 million financing guarantee for the government of Pakistan, both sources said ahead of the official announcement.

The $6.6 billion project in Balochistan is 50 percent owned by Barrick, with the other half held by the federal and provincial governments.

ADB, the petroleum ministry and Barrick did not immediately respond to requests for comment.

The project aims to raise upwards of $2 billion and has a previous agreement for $700 million in financing from the International Finance Corporation, the World Bank’s private investment arm.

The project’s developers are in talks with other prospective financiers, including the US Export-Import Bank, Export Development Canada and Japan’s JBIC and expect to sign term sheets this quarter, project director Tim Cribb told Reuters in April.

Reko Diq, delayed for years by a legal dispute that was settled in 2022, will produce 200,000 metric tons of copper annually in its first phase, rising to 400,000 tons after an expansion.

Barrick says the mine could operate beyond its 37-year life through upgrades and further exploration.


‘Super Flu’: Pakistan confirms presence of fast-spreading H3N2 influenza strain

Updated 58 min 21 sec ago
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‘Super Flu’: Pakistan confirms presence of fast-spreading H3N2 influenza strain

  • Health authorities say virus is not new but shows higher transmission rate
  • WHO reports global rise in seasonal influenza cases, especially in Europe

ISLAMABAD: Pakistani health authorities on Monday confirmed the presence of the H3N2 influenza strain, often referred to as a fast-spreading “super flu,” in the country, but stressed there was no cause for panic, saying the virus is not new and remains manageable with standard treatment and vaccination.

Officials said the strain is part of seasonal influenza viruses that circulate globally each year and has undergone genetic changes that make it spread more quickly, a pattern health experts say is common for influenza.

The confirmation comes as the World Health Organization (WHO) reports a global increase in seasonal influenza activity in recent months, with a growing proportion of influenza A(H3N2) cases detected, particularly across several European countries, including the United Kingdom.

“Yes, we have witnessed confirmed cases of H3N2 influenza (super Flu) in Pakistan since November this year. Out of total around 1,691 cases reported throughout Pakistan since last month, 12 percent are of the so called super flu,” Dr. Shafiq-Ur-Rahman, Senior Scientific Officer at Pakistan’s Center for Disease Control (CDC), told Arab News.

He said the virus had undergone a genetic drift, a gradual mutation that is typical of influenza viruses. 

“The symptoms are similar to other influenza strains, but speed of transmission is high for H3N2,” Rahman said, adding that treatment remains the same as for other flu types and vaccination is critical to limiting spread.

Seasonal influenza is an acute respiratory infection caused by influenza viruses that circulate year-round worldwide. The WHO has stressed that influenza continues to evolve through gradual genetic changes, making ongoing surveillance and regular vaccine updates essential.

Influenza spreads easily through droplets when infected people cough or sneeze. While most individuals recover within a week without medical treatment, the illness can range from mild to severe and may result in hospitalization or death, particularly among high-risk groups such as young children, older adults, pregnant women and people with underlying health conditions.

Doctors say early symptoms of the flu can resemble those of the common cold, but the progression often differs. Colds typically develop gradually, beginning with a runny or blocked nose, sneezing and sore throat, followed by mild coughing and fatigue.

Flu symptoms, however, tend to appear suddenly and more intensely, with patients often experiencing high fever, extreme tiredness, body aches, headaches and a dry cough.

Health experts say this abrupt and severe onset is usually the clearest indication that an illness is influenza rather than a common cold, which is generally milder and slower to develop.