Two of Pakistan’s leading state-owned energy companies, OGDCL and Pakistan Petroleum Limited (PPL), have increased their financial commitments to the Reko Diq copper and gold project, taking their pro-rata funding to $715 million.
In separate disclosures to the Pakistan Stock Exchange, the firms said the revision followed updated feasibility studies and revised cost structures. Each of the two companies holds an 8.33% stake in the project, with Government Holdings (Private) Limited also holding the same, collectively making up 25%. Barrick Mining owns 50% and oversees operations, while the Government of Balochistan holds the remaining quarter.
The initial board approval earlier in March had set the commitment at $627 million, but delays in production timelines and higher financing expenses led to an upward revision. The start of production has now been rescheduled to 2029 instead of 2028.
The updated plan also raised expected shareholder contributions to $391 million. In addition, OGDCL’s board approved key project financing agreements, including guarantees from state-owned entities covering debt obligations until the mine reaches commercial operation. Shareholding restrictions have also been placed to ensure sponsors maintain ownership until the loans are repaid.