Pakistan Minerals and Mining Updates

Reko Diq financial closure ‘around the corner’, says Aurangzeb: report​


The finance minister calls the project a game-changer for Pakistan

BR Web Desk
November 20, 2025

The long-awaited financial closure for the Reko Diq mining project is imminent, with key international partners finalising their participation, said Finance Minister Muhammad Aurangzeb, while talking to Arab News.

“The financial closure [for Reko Diq] is essentially around the corner.

“As you know, IFC [International Finance Corporation] has been leading the consortium.

“One of the final pieces into that is going to be US Exim because of the shutdown there [US], and now the government is back in action there. So I do think that is going to come in now relatively soon in terms of the US Exim participation,” said Aurangzeb.

Reko Diq is a massive, undeveloped copper and gold deposit located in Balochistan, Pakistan, which is believed to be one of the world’s largest. The project is owned 50% by Barrick, 25% by three federal SOES, 25% by the Government of Balochistan, of which 15% is on a fully funded basis and 10% is on a free carried basis.
 
The project, which aims to start production in 2028, is expected to become a world-class copper-gold mine, contributing to Pakistan’s economic development.

Meanwhile, the finance minister in his interview shared that the overall debt component of the project amounts to approximately $3.5 billion, and all major arrangements are now in place.

“I think in the coming weeks, this should be finalised and the financial close should be there,” he said.

The minister discussed his recent visit to Washington and his meeting with the IFC Managing Director and other partners. “So the financial close from my perspective is around the corner,” he maintained.

Aurangzeb said that the Reko Diq project is essential, calling it a ‘game-changer’ for the South Asian nation.

“At this point, we have an export base of roughly $30 billion. And we have stagnated around that. Reko Diq, in its first year of operation, is expected to have an export potential of $2.8 billion. So it’s roughly 10% of what we have today.

“And it’s one of many other projects which are going to come through in terms of this minerals and mining space,” he said.

On Tuesday, the Senate Standing Committee on Petroleum discussed progress on the Reko Diq mining project.

The Secretary of the Petroleum Ministry informed that around 20% of the groundwork has been completed. He assured the Committee that the project would commence production by the end of 2028.

Meanwhile, the Chair expressed concern over the absence of a representative from Barrick, the operator of Reko Diq, and directed that an operational team member must attend future meetings.
 

US EXIM to invest $100 billion to secure critical mineral supplies, FT says​


The first tranche of deals will include projects in Pakistan, Egypt and Europe

Reuters

The U.S. Export-Import Bank (EXIM) will invest $100 billion to secure U.S. and allied supply chains for critical minerals, nuclear energy and liquefied natural gas, the organisation’s chair John Jovanovic told the Financial Times in an interview published on Sunday.

The first tranche of deals will include projects in Egypt, Pakistan and Europe, Jovanovic told the newspaper, adding that the West was over-reliant on supplies of these critical materials that “are no longer fair”.

“We can’t do anything else that we’re trying to do without these underlying critical raw material supply chains being secure, stable and functioning,” he was quoted saying.
 
Congress had approved $135 billion for EXIM to deploy

Jovanovic told the FT that the bank’s early deals would include a credit insurance guarantee for $4 billion of natural gas being delivered to Egypt by New York-based commodities group Hartree Partners, and a $1.25 billion loan for the Reko Diq mine being developed by Barrick Mining in Pakistan.

The bank has $100 billion left to deploy of the $135 billion authorized by Congress, he said.

EXIM did not immediately respond to a request for comment outside regular business hours.

The investment aligns with U.S. President Donald Trump’s energy-dominance agenda.

Trump had campaigned on a promise to increase U.S. energy output and has sought to roll back energy and environmental regulations since taking office in January.
 

US Exim Bank pledges $1.25bn loan for Reko Diq​

Reuters

Reko Diq hills.—Reuters/File
WASHINGTON: US Export-Import (Exim) Bank’s chief said the organisation would provide a $1.25 billion loan to Barrick Mining’s Reko Diq mine in Pakistan, as part of a larger plan to invest $100bn to bolster US and allied supply chains for critical minerals, nuclear energy, and natural gas.

The first tranche of deals will include projects in Pakistan, Egypt and Europe, the organisation’s chair John Jovanovic told the Financial Times in an interview on Sunday. He added that the West was over-reliant on supplies that “are no longer fair”.

“We can’t do anything else that we’re trying to do without these underlying critical raw material supply chains being secure, stable and functioning,” Jovanovic was quoted saying.

Jovanovic told FT that the bank has $100bn left to deploy of the $135bn authorised by Congress. He said the bank’s early deals would also include a credit insurance guarantee for $4bn of natural gas being delivered to Egypt by New York-based commodities group Hartree Partners.

The Exim Bank did not respond to a request for comment.

Published in Dawn, November 24th, 2025
 
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KARACHI: Barrick Mining Corp remains committed to its Reko Diq copper mine in Pakistan, one of the world’s largest undeveloped deposits of the metal, its interim CEO said on Tuesday after reports of a possible withdrawal.

The $7 billion project in Balochistan is held in an equal partnership between the company and the Pakistani authorities and is expected to start production by the end of 2028.

Barrick’s board had raised the possibility of splitting the company’s assets, which could include an outright sale of the Reko Diq mine and the company’s African assets, Reuters reported this month, citing sources familiar with the company’s thinking.

“Barrick remains committed to the Reko Diq project and to Pakistan,” Mark Hill told Reuters.

Lenders including the International Finance Corporation and the Asian Development Bank among others are assembling a financing package exceeding $2.6 billion.

The Reko Diq project added 13 million ounces to Barrick’s gold reserves in 2024 and is expected to produce 200,000 metric tons of copper a year in its first phase, doubling after expansion, with projected free cash flow of more than $70 billion over 37 years.
 
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Distant_Observer said:
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Plenty of countries in the world that can offer commodities. I still maintain, if there was wealth to be made in this space in Pakistan, it would have already have done so. There is some money to be made, but nothing like what this post seems to suggest.
 
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You have long long long way to go ...a bit late starting
 
The development of the Reko Diq copper and gold mining project is proceeding as per schedule. Financing has been secured in accordance with the project development concept, ie, 50% equity and 50% funding.

The financing for Reko Diq will be the highest ever for any mining project. International financial institutions have reposed full confidence in the project and the ability of state-owned enterprises as project shareholders.

The project consists of two phases with room for significant expansion in due course. Pakistan will receive $1.5-2 billion annually once it is fully operational.
 

Italian expertise to boost growth​

PM gives directive to draw up marble policy to promote sustainable growth

Our Correspondent
December 06, 2025


photo afp


PHOTO: AFP

ISLAMABAD: Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan held a meeting with Italian Trade Agency (ITA) head Salvatore Praano to discuss bilateral cooperation aimed at strengthening Pakistan's marble sector.

Federal Secretary for Industries and Production Saif Anjum also attended the meeting. During discussion, both sides reviewed opportunities to improve Pakistan's marble industry through enhanced skill development, value addition and the adoption of advanced technologies.

Haroon Akhtar said that a team of experts from Italy will be invited to assess Pakistan's marble industry and provide actionable recommendations. He added that the government aims to strengthen the national marble sector through consultation with international experts and local stakeholders.

He further stated that Prime Minister Shehbaz Sharif has given directive to formulate a comprehensive marble industry policy to promote sustainable growth. "Pakistan's marble sector has immense potential and value addition supported by new technology is the need of the hour," he noted.

The Italian Trade Agency head emphasised the importance of improving product quality and integrating modern techniques in marble processing. Haroon Akhtar reaffirmed the government's commitment to long-term cooperation for development of the marble industry.
 
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"With a new commitment of $1.25 billion in EXIM Bank financing, the U.S.-Pakistan partnership will drive economic growth in Balochistan. Watch Chargé d’Affaires Natalie Baker’s message to hear how this financing will be a game-changer for U.S. businesses and local Pakistani communities. " U.S Embassy Islamabad
 
hydrabadi_arab said:
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"With a new commitment of $1.25 billion in EXIM Bank financing, the U.S.-Pakistan partnership will drive economic growth in Balochistan. Watch Chargé d’Affaires Natalie Baker’s message to hear how this financing will be a game-changer for U.S. businesses and local Pakistani communities. " U.S Embassy Islamabad
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Pakistan was looking for $100m from EXIM Bank for strategic reasons, they said take $1.25bn instead.
 
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