$390m Reko Diq bridge loan for ML-3

The financing arrangement, its foreign exchange exposure, and the project’s security costs — estimated at around Rs46.38bn, or nearly 17 per cent of the total cost — have come under scrutiny by the Planning Commission. The commission has also raised concerns over inadequate planning for post-completion security. The $892 million ML-3 upgrade is primarily intended to support transportation linked to the multi-billion-dollar Reko Diq copper and gold project. RDMC is a joint venture in which Canada’s Barrick Gold Corporation holds a 50pc stake, while the remaining 50pc is equally owned by the Balochistan government and three federal state-owned entities — OGDCL, PPL and GHPL. Sources told Dawn that while clearing the project for consideration by the Executive Committee of the National Economic Council (Ecnec), the Central Development Working Party (CDWP), chaired by Planning Minister Ahsan Iqbal, directed the Ministry of Railways to address several concerns before formal approval. The prime minister has already approved the $390 million bridge financing from RDMC, while the Economic Coordination Committee (ECC) of the cabinet has also approved the related rail development and financing agreements. However, only Rs250 million has been allocated for the project in the FY2026-27 Public Sector Development Programme (PSDP). The Planning C