On June 13 (Friday), according to information disclosed by the International Finance Corporation (IFC) on Friday, it will provide a $400 million subordinated loan for the Reko Diq copper-gold mine in Pakistan.
Previously, the IFC had already committed to financing $300 million for the copper-gold mine project, bringing the total financing scale for the project to $700 million.
The estimated development cost for the mine is $6.6 billion.
"The total estimated project cost is $6.6 billion, which will be financed through a combination of debt and equity." Other parallel lenders will provide the remaining debt financing.
This type of loan, known as a subordinated loan, is typically repaid after other loans and helps absorb more risk.
The Reko Diq copper concentrates, located in Balochistan, is one of the world's largest undeveloped copper-gold deposits. It is being developed by Barrick Gold, which holds a 50% stake in the mine, with the remaining shares held by the federal and local governments of Pakistan.
The Reko Diq copper-gold mine is expected to commence production in 2028.
Barrick estimates that the mine will generate free cash flow of up to $74 billion over its 37-year mining life.
