KARACHI: Washington has approved $1.25 billion in US Export-Import Bank financing for Pakistan’s Reko Diq copper-gold mine, Acting US ambassador Natalie Baker said in a video message on Wednesday, adding that the package could unlock up to $2 billion in US equipment and service exports for the project.
The facility, one of the largest US financing decisions in Pakistan’s minerals sector, is expected to help pave the way for US-sourced mining technology, drilling machinery and operations support, while creating jobs in both countries and accelerating development of one of the world’s largest untapped copper deposits.
The $7 billion Reko Diq project, located in the mineral-rich southwestern province of Balochistan, is being developed by Canadian mining giant Barrick Gold in partnership with Pakistan’s federal and provincial governments. The mine is central to Pakistan’s effort to expand exports, attract foreign investment and open the country’s largely untapped critical minerals reserves, a segment where copper plays a key role in electric vehicles, renewable energy, AI hardware and global supply chains. Saudi Arabia’s Manara Minerals, a Public Investment Fund and Ma’aden joint venture, has also expressed intent to acquire a 15 percent stake.
