OGDCL, PPL Boost Reko Diq Investment to $715m
Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL) have raised their financing commitments for the Reko Diq copper and gold mining project to $715 million, reflecting a stronger push to keep the multibillion-dollar venture on track.
The development was disclosed through separate filings at the Pakistan Stock Exchange on Tuesday. Both OGDCL and PPL hold 8.33% each in the project, along with Government Holdings (Private) Limited, making up a 25% share.
The remaining stakes belong to the Government of Balochistan (25%) and Barrick Mining Corporation (50%), which operates the project through Reko Diq Mining Company.
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The revised financing plan comes after updated feasibility studies and negotiations with lenders. Earlier this year, the board had approved a $627 million commitment, but rising financing costs and delays shifted the figure upward. Production is now expected to begin in 2029, a year later than initially planned.
The total shareholder contributions are projected at $391 million under the new arrangement. OGDCL’s board has also cleared agreements, including a completion guarantee from state-owned entities (SOEs) for their debt share and restrictions ensuring sponsors maintain their stakes until project financing is complete.
