Islamabad( The COW News Digital)Pakistan has received offers of over $5 billion in foreign investment for the Reko Diq gold and copper mining project located in Chagai district of Balochistan — a figure that significantly exceeds the project’s estimated financial requirement of $3 billion.
According to sources, multiple international financial institutions have expressed strong interest in backing the project. These include the Asian Development Bank (ADB), Islamic Development Bank (IDB), International Finance Corporation (IFC), US EXIM Bank, and financial institutions from Germany and Denmark.
The financial arrangements for the project are reportedly in the final stages, with Federal Minister for Petroleum Ali Pervaiz Malik playing a pivotal role in fast-tracking the process under the guidance of the Special Investment Facilitation Council (SIFC).
In a major development, the US EXIM Bank has offered to provide unlimited financial assistance for the Reko Diq project — a move seen by analysts as a sign of increasing global confidence in Pakistan’s mining potential and growing international strategic interest in the region.
The Ministry of Petroleum, in collaboration with the US Embassy and American investors, recently organized a webinar aimed at promoting US investment in Pakistan’s mineral sector. The session was hosted by the Oil & Gas Development Company Limited (OGDCL), a key government partner in the Reko Diq venture.
Reko Diq is considered one of the largest untapped reserves of gold and copper in the world. The project is being developed in collaboration with Canada’s Barrick Gold Corporation. Production is expected to begin by 2028, with initial investments reaching $5.5 billion.
Barrick Gold CEO Mark Bristow has projected that the project could generate an estimated $74 billion over the next 37 years. It is expected to contribute $2.8 billion annually in exports, create thousands of new jobs, and significantly boost Balochistan’s economy.
Adding to the momentum, Saudi Arabian mining giant Manara Minerals has shown interest in acquiring a 15% stake in the project, proposing a $1 billion investment. The federal cabinet has already granted its approval.
Plans are also underway to construct a new railway line, in collaboration with Pakistan Railways, to transport mining equipment from Reko Diq to Karachi for export purposes — further enhancing the project’s logistical infrastructure.
