Pakistan Petroleum Limited provided an update on the Reko Diq copper and gold project. The company holds an 8.33% stake in the project, contributing to a total of 25% held by three Pakistani State-Owned Enterprises (SOEs) via Pakistan Minerals (Private) Limited. The Government of Balochistan holds an additional 25% in Reko Diq Mining Company (Private) Limited (RDMC), while Barrick Mining Corporation holds the remaining 50%.

On March 25, 2025, the Board approved a pro-rata funding commitment of USD 627 million for project financing, contingent on shareholder and regulatory approvals. Recent negotiations with lenders have progressed, but the Phase 1 development cost has increased due to a six-month production delay to 2029 and rising financing costs, with total project financing now estimated at USD 3,500 million.

The Board also approved the execution of agreements, including the SOE Completion Agreement, which guarantees the SOEs’ contributions to RDMC’s secured debt, and the Transfer Restrictions Agreement, which enforces minimum shareholding requirements until project debt is repaid.