Sources told Propecstani that Pakistan’s mineral sector has reached a significant milestone with a $ 3.5 billion financing agreement for the Rico DIQ project.
The agreement has been facilitated by the Special Investment Facility Council (SIFC), which has collected six major global donor agencies, including an American Bank and the Asian Development Bank (ADB).
It also participated in 11 international financial institutions and development partners, such as the International Finance Corporation (IFC), the International Development Association (IDA), and the European Bank for Reconstruction and Development (EBRD).
According to sources, the loan supply is expected to begin within 45 to 90 days. The construction of the basic infrastructure will begin in the next two to four months.
Of the total 4 4.2 billion project commitments, the biggest shares have been allocated for Barrack Gold, Balochistan Government, and public -owned businesses such as Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL).
Barrack Gold will have 55 % equity shares in the project, while OGDCL and PPL will own 27.7 % simultaneously. The Balochistan government will maintain 16.6 % of its shares.
The Mahathkanakshi project has been prepared for a 37 -year -old team, which is estimated at $ 90 billion. Under the plan, 53 plants will be set up in Balochistan, 11 in the first phase, 15 in the second and 27 in the third. In the first phase, focusing on Chigai district, its investment will be $ 16.6 billion, followed by 7.7 billion in the second phase and $ 4.8 billion in the third.
It is expected that the project will generate 75,000 jobs in Balochistan and will be up to $ 35 billion in annual foreign exchange revenue. The full project is to be completed between 2025 and 2028, which is expected to start in 2028.