OGDCL Confirms $627 Million Investment in Reko Diq Project

Oil & Gas Development Company Limited (OGDCL) has completed the feasibility study for the Reko Diq project and confirmed an investment of $627 million.

An OGDCL spokesperson stated that the company will hold an 8.33% stake in the large-scale mining venture. The company’s board of directors has approved financing arrangements for the project, which is set to produce an estimated 13.1 million tons of copper and 17.9 million ounces of gold.

The first phase, scheduled to begin operations in 2028, will process 45 million tons of ore annually, with a total investment of $3 billion earmarked for this phase. Following the feasibility study announcement, OGDCL shares rose by 2.76%.

With a 37-year lifespan, the project is expected to enhance Pakistan’s copper and gold production significantly.

Other major stakeholders in the Reko Diq project include Pakistan Petroleum Limited (PPL), Government Holdings Private Limited (GHPL), Barrick Gold, and the Balochistan government.

The second phase will further expand processing capacity to 90 million tons per year, contributing to the country’s mineral output and industrial development, according to the spokesperson.