Rekodiq Project Will Involve $6 Billion Investment

Pakistan government officials believe that the joint public/private Rekodiq copper and gold project under way in Balochistan Province has the potential to draw foreign investment totaling as much as $6 billion over the next five years. The Rekodiq mining area has proven estimated reserves of 2 billion mt of copper and 20 million oz of gold. According to the current market price, the value of the deposits has been estimated at about $65 billion. The Balochistan government has a 25% stake in the project, with the balance owned on a 50:50 basis by Antofagasta of Chile and Barrick Gold.

Rekodiq is ranked among the world’s top seven copper reserves. The project is estimated to produce 200,000 mt of copper and 400,000 ounces of gold per year, at an estimated value of $1.25 billion at current market prices.

The presence of a mineral deposit in the area was identified by the Geological Survey of Pakistan in the early 1990s, in collaboration with BHP. Later in 2000, Tethyan Corp. of Australia took over the project from BHP and invested $30 million, drilling more than 75,000 m to prove the reserves. Rekodiq reportedly is the first private sector funded mining venture in Pakistan.