The Oil & Gas Development Company Limited (OGDCL) has successfully completed the feasibility study for the Reko Diq mining project, confirming a massive $627 million investment in the venture.

According to the company spokesperson, OGDCL will hold an 8.33% share in the $5.6 billion Reko Diq mining project, which is expected to be a game-changer for Pakistan’s mineral sector.

In a major development, the OGDCL Board has approved the financing arrangements for Reko Diq, paving the way for further progress. The project holds 13.1 million tons of copper and 17.9 million ounces of gold, making it one of the largest mining projects in the region.

The first phase of development is set to begin in 2028, with an initial annual processing capacity of 45 million tons. The second phase, scheduled for 2034, will double this capacity to 90 million tons per year.

To support the first phase, $3 billion has been approved for investment, highlighting the project's economic potential. Following the announcement of the feasibility study, OGDCL’s shares surged by 2.76% on the Pakistan Stock Exchange, reflecting strong investor confidence.

Reko Diq is expected to boost Pakistan’s copper and gold production for the next 37 years, significantly contributing to the country’s economy. The project is a joint venture between OGDCL, Pakistan Petroleum Limited (PPL), Government Holdings (GHPL), Barrick Gold, and the Balochistan government.