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.


Pakistan’s president defends ongoing strikes in Afghanistan, urges Kabul to dismantle militants

Updated 02 March 2026
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Pakistan’s president defends ongoing strikes in Afghanistan, urges Kabul to dismantle militants

  • Afghanistan on Thursday launched attacks in retaliation for Pakistani airstrikes the previous Sunday
  • Pakistan’s military says it is only targeting Afghan military installations to avoid civilian casualties

ISLAMABAD: Pakistan’s president on Monday defended his country’s ongoing military strikes in neighboring Afghanistan, saying Islamabad tried all forms of diplomacy before targeting militants operating from Afghan territory, and called on the Taliban government in Kabul to disarm groups responsible for attacks in Pakistan.

Pakistan earlier said it is in “open war” with Afghanistan, alarming the international community. The border area remains a stronghold for militant organizations including Al-Qaeda and the Daesh (Islamic State) group.

“(The Afghan Taliban) must choose to dismantle the terror groups that survive on conflict and its war economy,” Asif Ali Zardari said during a speech to lawmakers, adding that “no state accepts serial attacks on its soil.”

Afghanistan on Thursday launched attacks in retaliation for Pakistani airstrikes the previous Sunday. Since then, Pakistan has carried out operations along the border, with Information Minister Attaullah Tarar claiming the killing of 435 Afghan forces and the capture of 31 Afghan positions.

Kabul has denied such claims.

In Afghanistan, the deputy government spokesman Hamdullah Fitrat said Pakistan’s military fired mortar shells at a refugee camp in eastern Kunar province, killing three children and injuring three others.

Afghanistan’s defense ministry said Afghan forces carried out strikes targeting a Pakistani military facility near Paktia province, causing “substantial losses and heavy casualties.”

Pakistan’s military did not respond to questions. It has said Pakistan is only targeting Afghan military installations to avoid civilian casualties.

Pakistan has witnessed a surge of violence in recent months and blames it on the outlawed Pakistani Taliban, known as Tehreek-e-Taliban Pakistan or TTP. It operates both inside Pakistan and from Afghan territory.
Islamabad accuses Afghanistan’s Taliban government of providing safe havens for the TTP, which Kabul denies.

The latest cross-border fighting ended a ceasefire brokered by Qatar and Turkiye in October. The two sides failed to reach a permanent agreement during talks in Istanbul.

Zardari reiterated Pakistan’s call for talks, saying, “We have never walked away from dialogue.”

The Pakistani leader again accused Afghanistan of acting as a proxy for India by sheltering militant groups.

“Stop being used by another country as a battlefield for their ambitions,” he said.

Zardari cited a recent report from the United Nations Security Council’s monitoring team that described the presence of militant groups in Afghanistan as an extra-regional threat.