ADB to provide $410m package for Reko Diq mine

The Asian Development Bank (ADB) will provide a $410 million financing package to help develop the Reko Diq copper mine, one of the world's largest untapped deposits, which will be operated by Barrick Gold, two sources said on Thursday. Pakistan hopes the project will serve as a springboard to draw more foreign interest to its mineral sector, particularly to exploit rare earth deposits. The country has already attracted interest from the Trump administration and offered future concessions to US companies. The loans and a financing guarantee will support the 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.