The Oil and Gas Development Company Limited (OGDCL) confirmed investment of $ 627 million by completing a Recodic feasibility study.
The Oil and Gas Development Company Limited (OGDCL) has announced the completion of feasibility study for the Recodic project, according to the report.
The OGDCL accounts for 8.33 % of the project, which is a joint shared share of 25 % with the other two government agencies Pakistan Petroleum Limited (PPL) and Government Holdings (Private) Limited (GHPL).
Another 25 % of the government is with the Government of Balochistan, and the remaining 50 % is with the Barrack Gold Corporation, which is also the operator of the project.
According to the feasibility study, the project mining will be based on 37 years, which will be completed in two phases. The first phase will cost $ 5.6 billion, and it will start work in 2028, which will be borrowed $ 3 billion while the remaining money will be provided with shareholders.
In the first phase of the project, 45 million tonnes of raw material will be processed each year, and in the second phase, the capacity will be increased from 2034 to 90 million tonnes annually.
It is estimated that 13.1 million tonnes of copper and 17.9 million ounces of gold will be extracted from the Ricodic project.
The OGDCL Board of Directors has decided to increase investment for the project to $ 627 million.
It will provide $ 349 million in shareholders of the company while the remaining money will be obtained through debt.
It is clear that this project will help create employment opportunities in Pakistan, strengthen the economy, and increase government income.
