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Study confirms over $60bn copper and gold reserves at Reko Diq
ISLAMABAD: As a formal feasibility study confirmed more than $60 billion worth of copper and gold reserves at the Reko Diq project in Balochistan at prevailing prices, three state-owned energy sisters have more than doubled their funding commitment close to $1.9bn.
Three SOEs — Oil and Gas Development Company Ltd (OGDCL), Pakistan Petroleum Ltd (PPL) and Government Holdings (Pvt) Ltd (GHPL) — had originally committed about $300 million each to the project that has now been increased to $627m each. The trio’s total funding has thus increased to about $1.88bn from about $900m initially planned, informed sources told Dawn.
“Based on existing reserves, the Reko Diq project is expected to yield production of 13.1 million tonnes of copper and 17.9 million ounces of gold over the life of the mine (100pc basis),” announced the state-run OGDCL.
The feasibility study has also confirmed a lucrative 25pc rate of return on investment on one of the biggest copper-gold project, informed sources said, adding that the project........
© Dawn Business
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