Oil and Gas Development Company Limited (OGDCL) has announced the completion of the updated feasibility study for the Reko Diq project, confirming an investment of $627 million.

The project, spanning 37 years, is expected to yield 13.1 million tonnes of copper and 17.9 million ounces of gold.

According to OGDCL, the first phase of the project is scheduled to commence in 2028, while the second phase is set to begin in 2034. The company’s board has also approved financing arrangements for the project, marking a significant milestone in Pakistan’s mining sector.

Reko Diq, one of the world’s largest undeveloped copper-gold mines, is operated by Canada’s Barrick Gold Corporation, which holds a 50% stake.

The remaining 50% is shared between three Pakistani government entities—OGDCL, Pakistan Petroleum Limited (PPL), and Government Holdings Private Limited (GHPL)—holding 25%, while the Balochistan government owns the remaining 25%.

OGDCL’s Managing Director, Ahmed Hayat Lak, termed the development a major achievement, stating, “As a joint venture partner in the Reko Diq mining project, we aim to collaborate with leading global mining companies to ensure the project's success.”

The feasibility study outlines that the initial phase of the project, with an investment of over $5.5 billion, will have a processing capacity of 45 million tonnes.

This will be doubled to 90 million tonnes with the commencement of the second phase in 2034.