Pakistan Petroleum Limited Raises Funding Commitment for Reko Diq Project
Pakistan Petroleum Limited (PSX: PPL) has announced an increase in its funding commitment for Phase 1 of the Reko Diq copper and gold project. The company has raised its pro-rata funding, including financing costs, to $715 million.
In a notice to the Pakistan Stock Exchange, PPL highlighted that it holds an 8.33% stake in the Reko Diq project. When combined with the stakes of Oil and Gas Development Company Limited and Government Holdings (Private) Limited, the three state-owned enterprises (SOEs) collectively own 25% of the project.
The project is being developed through Reko Diq Mining Company (Private) Limited (RDMC). Of the total ownership, 25% belongs to the Government of Balochistan, while the remaining 50% is held by Barrick Mining Corporation, which is also the project’s operator.
The revised project cost reflects updated feasibility findings, a shift in the production start date from 2028 to 2029, and an increase in financing requirements. Despite these adjustments, the company has confirmed that the project remains economically viable.
PPL’s Board of Directors has also approved agreements related to project financing, including the SOE Completion Agreement and the Transfer Restrictions Agreement. These steps are aimed at ensuring financial completion and maintaining sponsor commitments until project debt is fully repaid.
All approvals remain subject to regulatory and shareholder confirmation.
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