OGDCL Completes Feasibility Study for Reko Diq Project, Confirms $627 Million Investment

Quetta:Oil and Gas Development Company Limited (OGDCL) has successfully 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% share in the project.

The spokesperson further stated that the OGDCL Board of Directors has approved financing arrangements for the Reko Diq project. The project is expected to yield 13.1 million tons of copper and 17.9 million ounces of gold over its lifespan.

The first phase of the project is set to begin processing 45 million tons annually from 2028, with an investment of $3 billion allocated for its development. Following the announcement of the feasibility study, OGDCL’s shares rose by 2.76%.

The Reko Diq project is expected to significantly increase copper and gold production over the next 37 years. Besides OGDCL, other stakeholders in the project include Pakistan Petroleum Limited (PPL), Government Holdings Private Limited (GHPL), Barrick Gold, and the Government of Balochistan.

According to the spokesperson, the second phase of the project will aim to increase processing capacity to 90 million tons annually, further strengthening and developing the country’s mineral production sector.