OGDCL’s board approved a USD 715 million commitment for Phase 1 of the Reko Diq project on August 18, 2025, and shareholders endorsed the investment on September 10, 2025. The commitment includes project financing costs; it is not the same as the company’s expected cash contribution. OGDCL said expected shareholder contributions would be USD 391 million after accounting for financing anticipated from the project company.
What did OGDCL approve?
The USD 715 million is OGDCL’s pro-rata Phase 1 commitment, including project financing costs. OGDCL separately estimated that its shareholder contributions would total USD 391 million after taking into account financing expected to be secured by Reko Diq Mining Company (RDMC), the project company. The commitment may be adjusted for actual financing costs and inflation. OGDCL’s August 2025 disclosure described both figures.
On September 10, 2025, OGDCL shareholders endorsed increasing the investment in Pakistan Minerals (Private) Limited (PMPL) through equity, shareholder loans, or both, to fund PMPL’s share of Phase 1 expenditures. The extraordinary general meeting notice estimated project financing of up to USD 3.5 billion. That project-level financing estimate is distinct from OGDCL’s commitment and expected shareholder contribution. The meeting notice was hosted by the Pakistan Stock Exchange.
How does the commitment relate to project debt?
The financing distinction matters: USD 715 million is the stated commitment with financing costs included, while USD 391 million is the expected shareholder contribution after anticipated project-company financing. The two amounts answer different questions and should not be treated as interchangeable cash requirements.
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OGDCL’s board also approved related financing agreements, including an SOE Completion Agreement and a Transfer Restrictions Agreement. Under the completion agreement, the three Pakistani state-owned enterprises (SOEs) collectively guarantee their pro-rata contributory share of RDMC’s secured debt until financial completion. This is a guarantee tied to the SOEs’ share, not a statement that OGDCL alone guarantees all project borrowing.
Who owns and operates Reko Diq?
| Shareholder or group | Project interest | Role |
|---|---|---|
| Barrick Gold | 50% | Management and operatorship rights |
| OGDCL, Pakistan Petroleum Limited and Government Holdings (Private) Limited | 25% collectively, divided equally | Pakistani state-owned enterprise stake; PMPL manages the SOEs’ shareholding |
| Government of Balochistan | 25% | Government shareholder |
OGDCL’s 8.33% interest is one-third of the SOEs’ combined 25% share. Its USD 715 million commitment is therefore OGDCL’s pro-rata commitment, not the cost of the entire mine. OGDCL’s business-development information describes the ownership structure.
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What is planned for the mine?
The following figures come from OGDCL’s 2025 reporting of the updated feasibility study. They are plans and estimates, not guaranteed outcomes or a confirmed current timetable. OGDCL’s 2025 feasibility announcement reported the project scale and production estimates.
| Measure | 2025 feasibility-study figure | Qualification |
|---|---|---|
| Phase 1 capital outlay | USD 5.6 billion | Excludes financing costs and inflation |
| Phase 1 processing | 45 million tonnes per annum | Planned mill-feed processing from 2028 |
| Phase 2 processing | 90 million tonnes per annum | Planned capacity by 2034, doubling processing |
| Mine life | 37 years | Feasibility-study estimate |
| Life-of-mine production | 13.1 million tonnes of copper and 17.9 million ounces of gold | Expected production on a 100% project basis, based on existing reserves |
OGDCL also said in 2025 that the financing level had risen to USD 3.5 billion from USD 3.0 billion, increasing financing costs. It said the project remained economically viable under revised assumptions. Those financing figures do not replace the USD 5.6 billion Phase 1 capital estimate, which excludes financing costs and inflation. The financing update was reported in OGDCL’s 2025 disclosure.
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When is production expected to start?
The updated feasibility-study plan cited by OGDCL in 2025 envisioned Phase 1 processing from 2028 and Phase 2 capacity by 2034. These are dated planning targets, not confirmation that production will begin on those dates.
In its April 2026 report, OGDCL said that since February 2026 the operator had continued reviewing security arrangements, the development timetable, financing and the capital budget. That report establishes the status at the time it was issued; it does not establish whether the review later concluded or what schedule is authoritative as of October 2026. A newer company or project filing is needed to confirm the current timetable. See OGDCL’s April 2026 report.
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How to compare the headline commitment with other Reko Diq figures
- Check the scope: USD 715 million is OGDCL’s commitment, while USD 5.6 billion is the estimated Phase 1 capital outlay for the project.
- Check financing costs: OGDCL’s commitment includes them; the USD 5.6 billion Phase 1 estimate excludes financing costs and inflation.
- Check the assumed project debt: the USD 391 million figure is the expected shareholder contribution after anticipated project financing, rather than the full commitment.
- Check the date and status: the board approval was in August 2025, shareholder endorsement followed in September 2025, and the operator review was reported in April 2026.
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