Islamabad: US Deputy Chief of Mission and Acting Ambassador to Pakistan Natalie A. Baker on Wednesday said the recently approved USD 1.25 billion financing from the US Export-Import (EXIM) Bank for the Reko Diq copper-gold project would facilitate the import of up to USD 2 billion worth of American mining equipment and services.
In a video message posted on X, Baker described the financing package as a significant step in strengthening economic cooperation between the two countries, noting that it would support the long-term development of one of Pakistan’s most important mining ventures.
She said the EXIM-backed initiative would help bring high-quality, American-made mining technology, machinery, and operational services to Balochistan, adding that the project is expected to create 6,000 jobs in the United States and around 7,500 jobs in Pakistan.
According to Baker, the Reko Diq mine is poised to become a model for future mining projects, delivering benefits to both US exporters and local communities. She emphasised that the project aligns with the Trump administration’s focus on commercial partnerships and expanding cooperation in critical mineral supply chains.
Developed by Barrick Gold in partnership with the federal and Balochistan governments, Reko Diq is expected to initially produce 200,000 metric tonnes of copper annually, with production projected to increase in later phases. Over its lifetime, the project has the potential to generate more than USD 70 billion in free cash flow, making it one of the world’s most lucrative mining operations.
Baker noted that the project value extends beyond copper and gold, highlighting Pakistan’s broader potential in critical minerals essential for electric vehicles, renewable energy, and other future-focused industries.
The mine is also projected to generate USD 2.8 billion in export revenues during its first year of operations, nearly 10% of Pakistan’s current total exports, providing a significant boost to the country’s economy and helping narrow its trade deficit.
In addition to US EXIM’s support, the project benefits from backing by the International Finance Corporation (IFC) and the Asian Development Bank (ADB), bringing the total financing package to more than USD 2.6 billion.
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