Daijiworld Media Network – Islamabad

Islamabad, Aug 2: Pakistan’s multibillion-dollar Reko Diq copper and gold mining project has received a major push as multinational donors pledged $5 billion in funding—well above the project’s $3 billion requirement—according to reports.

The financing commitments have come from top global institutions, including the Asian Development Bank (ADB), Islamic Development Bank (IDB), International Finance Corporation (IFC), and US Exim Bank. Development agencies from Germany and Denmark have also joined the effort.

Sources told The Express Tribune that the project’s financial close is at an advanced stage, with Petroleum Minister Ali Pervaiz Malik and the Special Investment Facilitation Council (SIFC) driving momentum to fast-track execution.

In a significant development, the US Exim Bank reportedly offered financing with no cap, ready to supply much-needed capital to launch the project. The Petroleum Ministry also hosted a webinar in collaboration with the US embassy to attract American investors.

The Reko Diq project, located in Balochistan’s Chagai district, is considered one of the world’s largest untapped copper and gold deposits. Canadian firm Barrick Gold, which holds a 50% stake, aims to begin production by 2028. CEO Mark Bristow estimates the project will generate $74 billion in free cash flow over 37 years.

Pakistan’s mineral-rich landscape spans 600,000 sq km and contains 92 known minerals, with 52 currently exploited. The sector supports over 5,000 operational mines and 50,000 SMEs, directly employing 300,000 workers.

Despite the abundance of natural resources, the mining sector contributes just 3.2% to the GDP and accounts for only 0.1% of global mineral exports. However, with increased foreign investment, exploration, and infrastructure upgrades, Pakistan’s mining industry appears poised for major growth.