US Export-Import Bank (Exim) commits $1.25 billion financing for Reko Diq mining project

Key facts

• US President Donald Trump’s administration committed $1.25 billion in financing from the US Export-Import Bank (Exim) for the Reko Diq mining project in Pakistan’s Balochistan province.
• The financing is set to support the import of up to $2 billion in US mining equipment and services.
• Acting US Ambassador Natalie Baker announced the approval, describing it as a “win-win” for both nations.
• The US Embassy in Islamabad hailed the deal as a “game-changer” for economic growth in Balochistan.
• This initiative is projected to create 6,000 jobs in the US and 7,500 jobs in Balochistan.
• The project aims to unlock one of the world’s largest undeveloped copper and gold deposits.
• Reko Diq is owned 50% by Canadian firm Barrick Gold, 25% by Pakistan’s federal government, and 25% by the Balochistan government.
• The Reko Diq project carries a total development cost of around $7 billion and aims for production by 2028.
• Once operational, the project could generate $2.8 billion in export revenue in its first year.
• Saudi Arabia’s Manara Minerals has signaled interest in a 15% stake in the project.