The United States Export-Import (Exim) Bank has announced plans to provide a $1.25 billion loan for Barrick Mining’s Reko Diq project in Pakistan, forming a part of a broader $100 billion initiative aimed at fortifying supply chains for critical minerals, nuclear energy, and natural gas. The development was confirmed by Exim Bank Chair John Jovanovic in an interview with the Financial Times.
According to Jovanovic, the financing for the Reko Diq project will be included in the first tranche of deals, alongside similar infrastructure projects in Egypt and Europe. He emphasised the strategic importance of stabilising access to essential raw materials, highlighting that the West had become overly dependent on supply routes that are “no longer fair.” The US sees securing reliable mineral and energy inputs as vital for broader industrial and economic objectives.
The Exim Bank chief revealed that the bank still has $100 billion available from the $135 billion authorised by the US Congress for investment in critical supply-chain initiatives. Among the upcoming projects is a credit insurance guarantee covering $4 billion worth of natural gas supplied to Egypt by New York-based Hartree Partners. These steps reflect a coordinated effort by the US to ensure that strategic raw materials and energy inputs remain secure and accessible for both industrial and geopolitical purposes.
The Reko Diq project, located in Balochistan, Pakistan, is one of the country’s largest mining initiatives, containing significant reserves of copper and gold. The project is considered strategically important not only for Pakistan’s economic development but also for global mineral supply networks. The Exim Bank financing is expected to accelerate the project’s development, supporting infrastructure, extraction, and operational initiatives that will enhance the project’s capacity and long-term sustainability.
Experts suggest that the Reko Diq loan aligns with Washington’s broader goal of reducing dependence on unstable supply routes and ensuring a reliable flow of critical minerals to the global market. By facilitating investments in high-potential mining projects, the US aims to strengthen industrial capabilities while fostering partnerships with countries that hold significant natural resources.
The decision has been welcomed by industry stakeholders in Pakistan, who view the Exim Bank’s involvement as a signal of international confidence in the country’s mining sector. The financing is expected to create jobs, enhance technological transfer, and contribute to local and national economic growth.
As global demand for copper, gold, and other strategic minerals continues to rise, projects like Reko Diq are increasingly recognised for their dual role in national development and international supply-chain security. The collaboration with the US Exim Bank underscores the project’s importance in the evolving landscape of energy and mineral resource management.
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