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

According to an OGDCL spokesperson, the company will hold an 8.33% stake in the project.

The OGDCL board of directors has approved financing arrangements for Reko Diq. The project is expected to yield approximately 13.1 million tons of copper and 17.9 million ounces of gold.

In the first phase, starting in 2028, the project will process 45 million tons annually. A total investment of $3 billion has been approved for this phase. Following the feasibility study announcement, OGDCL shares surged by 2.76%.

Also, read this

Pakistan to spend Rs1.79 billion for Reko Diq project security

Saudi’s Manara Minerals to buy stake in Pakistan’s Reko Diq gold project, reports FT

Reko Diq mine to generate $74 billion in free cash flow over 37 years, Barrick CEO says

The project, spanning 37 years, is expected to significantly boost copper and gold production in Pakistan.

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

According to the spokesperson, the second phase will expand the processing capacity to 90 million tons per year, further strengthening the country’s mineral output and industrial growth.