Oil and Gas Development Company Limited (OGDCL) has claimed to have achieved a significant milestone regarding the Reko Diq project. The company has confirmed an investment of 627 million dollars in the updated feasibility study of the project.
OGDCL has announced the completion of the feasibility study for the Reko Diq project. The project’s duration is 37 years, and it is expected to produce 13.1 million tons of copper and 17.9 million ounces of gold. Phase 1 of the project will begin in 2028, and Phase 2 will start in 2034.
According to the announcement, OGDCL’s board has also approved financing arrangements. Over the expected 37-year duration, the project will yield approximately 13.1 million tons of copper and 17.9 million ounces of gold.
The feasibility study confirms that the copper and gold reserves in the Reko Diq project, based on current prices, are worth more than 60 billion dollars.
50% of the Reko Diq project shares are owned by the Canadian operator company Barrick Gold Corporation. Three government entities, including OGDCL, Pakistan Petroleum Limited, and Government Holdings Private Limited, hold 25%, while the remaining 25% is owned by the Balochistan government.
OGDCL MD Ahmad Hayat Lak stated that OGDCL is a partner in the joint venture of the famous Reko Diq mining project and is looking forward to collaborating with world-class mining companies and enhancing its reputation.
According to the feasibility study, the two-phase Reko Diq mining project will start its first phase in 2028, with an investment of over 5.5 billion dollars, and a processing capacity of 45 million tons. In 2034, the second phase will begin, and the capacity will be increased to 90 million tons.۔
