Islamabad, December 10, 2025: The US Export-Import (Exim) Bank has approved financing worth $1.25 billion to support advanced mining of critical minerals at Pakistan’s flagship Reko Diq project in Balochistan.
In a video statement on Wednesday, US Chargé d’Affaires Natalie Baker said the Exim Bank would provide Pakistan with nearly $2 billion worth of modern mining equipment and services over the coming years to help fully operationalise the project.
She said the initiative is expected to create around 6,000 jobs in the United States and approximately 7,500 jobs in Balochistan, describing Reko Diq as a model for responsible and large-scale mining.
“The Reko Diq project will benefit American exporters, Pakistani partners and local communities alike,” Baker said, adding that the Trump administration had made economic cooperation a key pillar of its diplomatic engagement and hoped to see expanded Pakistan–US collaboration in the mining sector.
Balochistan is widely regarded as Pakistan’s most mineral-rich province. Significant copper and gold deposits in the Reko Diq and Saindak areas were first identified by the Geological Survey of Pakistan in the 1970s. However, the Reko Diq project remained dormant for years due to legal disputes and financing challenges, earning it the label of a “sleeping giant.”
The stalemate ended in late 2022, when a revised agreement revived the long-delayed project. Under the current ownership structure, the Balochistan government holds a 25% stake, the federal government 25%, while Canadian mining giant Barrick Gold owns 50%.
Barrick Gold has committed major investment and aims to begin production by 2028. Mining and survey activities are currently underway in the Chagai district, with authorities optimistic about timely commencement of full-scale extraction.
The government is also exploring additional funding options, including potential financing from Saudi Arabia’s Manara Minerals.
Barrick Gold CEO Mark Bristow has said that following completion of the project’s second phase, Reko Diq would be capable of producing 400,000 tonnes of copper annually. The first phase, estimated to cost $5.5 billion, is expected to yield 200,000 tonnes of copper concentrate and 250,000 ounces of gold per year from 2028.
The Exim Bank’s approval is being viewed as a major boost for Pakistan’s mining sector and a significant step toward unlocking the long-term economic potential of Reko Diq.
