US Backs Pakistan’s Reko Diq Mine With $1.25 Billion Export-Import Bank Package
The US Export-Import Bank has approved $1.25 billion in financing to support the development of Pakistan’s Reko Diq copper and gold mine in Balochistan, a move announced Wednesday in a video message from Natalie Baker, acting chargé d’affaires at the US Embassy in Islamabad. The package, one of Washington’s largest financing commitments for Pakistan’s minerals sector, is designed to expand US exports and back a flagship mining project seen as central to Pakistan’s economic strategy.
Baker said, “The new EXIM financing commitment will help drive economic growth in Balochistan.” She added that “in the coming years, EXIM’s project financing will bring in up to $2 billion in high-quality US mining equipment and services needed to build and operate the Riko Diq mine, along with creating an estimated 6,000 jobs in the US and 7,500 jobs in Balochistan, Pakistan.”
The Export-Import Bank of the United States is the US government’s official export credit agency, providing loans and guarantees to support American companies competing overseas, especially in capital-intensive sectors such as energy, infrastructure, and mining. The Reko Diq package aligns with Washington’s push to deepen economic ties with key partners and secure long-term access to critical minerals used in global manufacturing and clean-energy technologies.
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Baker called the decision “one of the largest financing decisions the United States has ever made for Pakistan’s mineral sector,” saying it will bring advanced American mining technology, drilling machinery, and operational support to the project. She said the agreement reflects a shift in US commercial diplomacy “that prioritizes projects benefiting both American exporters and local communities.” According to Baker, “Reko Diq is exactly the kind of project that will generate jobs, growth, and prosperity for both the United States and Pakistan. The Trump administration has made such trade-focused agreements a central part of American diplomacy.”
Reko Diq, with an estimated investment of around $7 billion, is considered one of the world’s largest undeveloped copper-gold deposits. The project is operated by Canadian firm Barrick Gold in partnership with Pakistan’s federal government and the government of Balochistan, following a 2022 agreement that resolved a long-running international arbitration dispute and revived the stalled mine.
Pakistan sees Reko Diq as a cornerstone for boosting exports, attracting foreign investment, and tapping vast, underdeveloped mineral reserves. Saudi Arabia’s Manara Minerals, a joint venture between the Public Investment Fund and mining giant Ma’aden, has expressed interest in taking a 15% stake in the project, signaling broader Gulf interest in Pakistan’s resource sector.
Security remains a major concern. Balochistan has endured years of attacks by separatist fighters and other armed groups targeting state institutions, energy infrastructure, and foreign projects. Facilities linked to the China–Pakistan Economic Corridor have been repeatedly targeted, raising ongoing risks to mining operations, transport corridors, and foreign personnel associated with Reko Diq and similar ventures.
