07:09 AM EDT, 08/22/2025 (MT Newswires) -- Barrick Mining's ( B ) 50%-owned Reko Diq venture will receive Asian Development Bank financing to advance the copper-gold project in Pakistan, the bank said Friday.

The package includes up to $300 million in senior loans to Reko Diq Mining Company and a $110 million partial credit guarantee backing the Government of Balochistan's equity, the bank said.

When complete, Reko Diq is expected to rank as the world's fifth-largest copper mine, with phase one averaging 800,000 tons of copper concentrate annually to help address a projected global shortfall, ADB said.

Located in Balochistan's Chagai district, the project targets jobs, regional growth, and community programs in health and education, with site work underway, first output planned for late 2028, and an operating life of at least 37 years under robust ESG standards, it added.

Ownership of RDMC is split 50% Barrick Mining ( B ), 25% Government of Balochistan, and 25% among three federal state-owned enterprises, the bank said.

ADB also said the project is the first under its Critical Minerals-to-Manufacturing Value Chains approach, with Board approval authorizing final documentation ahead of formal commitments.