IFC to Provide $400mn Loan for Reko Diq Copper Project

Barrick Mining

IFC Expands Support for Barrick’s Pakistan Development

The International Finance Corporation (IFC) will commit an additional $400mn to Barrick Gold’s Reko Diq copper and gold project in Pakistan. This new loan supplements a previously proposed $300mn A-loan, strengthening financing for one of the largest undeveloped copper-gold projects globally.

Phased Development of Major Copper Supply Source

Reko Diq’s first development phase is estimated at $3bn, with Barrick contributing $1.4bn–1.7bn in equity. Phase one is scheduled to produce 240,000 t/yr of refined copper by 2028. A second phase, planned for 2029–33, would nearly double output to 460,000 t/yr. Barrick expects external funding and IFC’s involvement to secure the capital required for long-term project growth.

The Reko Diq project represents a critical investment in Pakistan’s mining sector, offering strategic copper supply at a time of accelerating global demand for clean energy and electrification. Barrick’s phased approach and IFC’s loan underline the project’s role in both economic development and global supply chain stability.

The Metalnomist Commentary

The IFC’s decision signals growing confidence in copper’s central role in the energy transition. By backing Reko Diq, IFC not only supports Pakistan’s mining ambitions but also secures long-term copper supply for global markets. The project’s success could reshape South Asia’s mining landscape while reducing reliance on traditional copper hubs.