Pakistan Minerals Investment Forum Draws Interest of Global Investors
Pakistan's mineral resources, estimated to be over $6 trillion, attracted global investor interest at the Pakistan Minerals Investors Forum 2025 (PMIF2025) held recently in Islamabad on April 8th and 9th. It was attended by major international companies and government officials from Australia, Canada, China, Saudi Arabia, Turkiye, the US and other nations.
Pakistan is known to have large deposits of critical minerals from copper and gold to lithium. Canadian Mining Journal has described the border region of Afghanistan and Pakistan as "Saudi Arabia of lithium". These deposits are found in various parts of the country, including Balochistan, Gilgit, Khyber Pakhtunkhwa, Sindh, and the Exclusive Economic Zone of Pakistan's coastal waters. The Geological Survey of Pakistan also notes the potential of lithium in LCT-type pegmatites and super arid salt lakes. Pakistan's major lithium-bearing areas are found in the Khyber Pakhtunkhwa and Tribal Areas (FATA), contributing about 85% of the country's lithium production.
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| Pakistan Minerals Map. Source: ResearchGate |
The Trump administration is interested in working with Pakistan to explore the potential for cooperation in meeting the US needs for critical minerals. "Critical minerals are the raw materials necessary for our most advanced technologies," said Eric Meyer, a senior official for the Department of State's Bureau of South and Central Asian Affairs, who attended the PMIF2025 in Islamabad. He said Pakistan's "vast mineral potential" can benefit the United States as he highlighted the White House's strategic priority to secure diverse and reliable sources of critical minerals.
Eric Meyer's participation in the PMIF2025 was preceded by a phone call from US Secretary of State Marco Rubio to Pakistani Foreign Minister Ishaq Dar. After the call, the US State Department readout said, "The Secretary raised prospects for engagement on critical minerals and expressed interest in expanding commercial opportunities for U.S. companies".
In January of this year, Gentry Beach, an American billionaire investor and a close Trump ally, visited Pakistan to look for investment opportunities in the mining sector. Upon his return to the United States, Beach praised Pakistan government’s policies as “favorable for business and investment" and expressed keen interest in investing across various sectors. In a viral TikTok video of his speech at Trump's Florida home at Mar a Lago, Gentry said, " Last week, I had the benefit of visiting Pakistan, an amazing country.....unfortunately, the previous administration (Biden administration), burned every possible bridge they could, they even put sanctions on Pakistan, a close US ally... they (Pakistanis) have sacrificed so much for the American people....Pakistan is a country that we (US) need to build a strong bridge to and partnership with".
Pakistan has one of the world’s largest porphyry copper-gold mineral zones. The Reko Diq mine in southwestern Balochistan province has an estimated 5.9 billion tons of copper ore. At current prices, the value of copper and gold deposits at Reko Diq in Balochistan province is nearly $200 billion. It is expected to generate $70 billion in free cash flow and $90 billion in operating cash flow over 37 years.
Barrick Gold CEO Mark Bristow has said he’s “super excited” about the company’s Reko Diq copper-gold development in Pakistan. Speaking about the Pakistani mining project at a conference in the US State of Colorado, the South Africa-born Bristow said “This is like the early days in Chile, the Escondida discoveries and so on”, according to Mining.com, a leading industry publication. "It has enormous upside potential". He was referring to Pakistan’s untapped discovery potential. Escondida was the first discovery of copper in Chile which is now the world's largest producer and exporter of copper. Last year, the South American country exported nearly $20 billion worth of copper.
“Copper has no substitutes,” Bristow continued. “It is as strategic as gold is precious, and we’re bringing new copper projects online just as the supply squeeze hits.” Comparing Reko Diq to Escondida, he said "walking across, there's more than one porphyry, significantly more than one, it's a real endowment for the people of Balochistan and greater Pakistan". "It (Reko Diq) is world class, a gold mine on its own and a copper mine on its own". He expects a peak of 10,000 jobs during construction and 5,500-6,000 direct jobs to operate the Reko Diq mine afterwards. It will also create a lot of indirect job opportunities in the supply chain. "We are going to demonstrate (in Balochistan) that you can do something transformatory, both socially and economically".
The biggest foreign investor in Pakistan's mining sector is Canadian mining giant Barrick Gold with a projected investment of $5 billion. It is followed by the Saudi Manara Minerals with $540 million. World Bank's investment arm IFC has committed $300 million for Reko Diq. Pakistan's state-owned OGDCL has recently announced it is increasing its investment in Reko Diq to $627 million.
The biggest challenge Pakistan faces is one of security in the remote areas where its mineral resources are located. Pakistani military chief General Asim Munir believes he can deal with it effectively. He made assurances to investors that his forces will ensure security. Another challenge is one of lack of political stability which is a matter of great concern to investors.
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Newly discovered offshore oil and gas deposits in Pakistan’s territorial seas could be brought to surface by Pakistan and Turkey.
Source: OilPrice.com
https://oilprice.com/Energy/Crude-Oil/Turkey-Pakistan-To-Explore-Worlds-Fourth-Largest-Oil-Gas-Reservoir.amp.html
The oil and gas discovery could yield additional benefits. Modern Diplomacy notes that Pakistan's marine areas are rich in natural resources including minerals such as cobalt, nickel and rare earth elements. The idea is to leverage its "blue water economy".
"The potential here goes beyond electricity, encompassing businesses such as fishing, marine biotechnology, and even ecotourism. A coordinated effort to expand these industries might give Pakistan a variety of revenue streams and employment generation, therefore strengthening its economy," the publication stated.
While Pakistan may not have the technological capabilities for deep-sea mining, there is a growing global interest in this area, with some companies exploring the potential for mining polymetallic nodules that contain valuable metals.
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Newly discovered offshore oil and gas deposits in Pakistan's territorial seas could be brought to surface by Pakistan and Turkey.
The two countries this week signed an agreement at the 2025 Pakistan Minerals Investment Forum in Islamabad to jointly bid on 40 offshore blocks. A bidding round for the granting of exploration licenses for the blocks, located in the Makran and Indus basins, was announced by the Pakistan government in February.
According to News.AZ, Pakistan's Mari Energies Limited, Oil and Gas Development Company Limited and Pakistan Petroleum Limited will jointly participate in the offshore bidding round with Turkish state-owned enterprise Türkiye Petrolleri Anonim Ortakl??? (TPAO).
Modern Diplomacy said the finding, made during a three-year survey, compiled data that suggests it is the fourth biggest oil and gas reservoir in the world. Venezuela, Saudi Arabia and Canada are the three countries with the largest proven oil reserves.
The cache is reportedly so large it could change the economic direction of Pakistan, where one in four people live in poverty.
If Pakistan's offshore reserves are that big, the obvious question is why haven't the oil majors been pestering the Pakistan government to drill them?
In a January 2024 article, Oilprice said Shell announced it was selling its Pakistan business stake to Saudi Aramco in June 2023, and an auction for 18 oil and gas blocks got a muted response from international bidders, at best. No international companies even bid on 15 of the blocks, according to The Nation.
In July [2024], the country's Petroleum Minister, Musadik Malik, told a parliamentary committee that no international companies were interested in offshore oil and gas exploration in Pakistan,and those in the country largely had the exit door in view.
It comes down to security, and risk versus reward with Malik explaining to the committee that the cost of security is a major deal-breaker because "in areas where companies search for oil and gas, they have to spend a significant amount to maintain security for their employees and assets". And security is provided by Pakistan, which has not been up to the task.
In March [2024], five Chinese engineers were killed in a suicide attack in Pakistan's northeast, when a vehicle rigged with explosives rammed into a bus transporting staff from Islamabad to the giant Dasu dam project in the Khyber Pakhtunkhwa province. The project is part of the $62-billion China-Pakistan Economic Corridor (CPEC). This incident sparked a series of temporary shut-downs across other projects, as well.
Earlier that same month, insurgents attacked Chinese assets in Pakistan's southwest, storming the Gwadar Port Authority complex, which is run by China. The attacks were perpetrated by the Balochistan Liberation Army (BLA), separatists fighting for an independent Balochistan, as reported by the Lowy Institute.
By Michael Kugelman
https://foreignpolicy.com/2025/04/16/pakistan-mineral-reserves-investment-trump-security/
Pakistan's mineral reserves, which include massive copper and gold deposits as well as critical minerals such as lithium, are estimated to stretch across more than 230,000 square miles—more than twice the size of the United Kingdom.
https://tribune.com.pk/story/2541890/kuwait-joins-pakistan-offshore-bids
ISLAMABAD:
Kuwait Foreign Petroleum Exploration Company (Kufpec) has decided to participate in Pakistan's offshore bidding round. Already, the company has been in Pakistan since 1987 and has invested $1.5 billion cumulatively.
A high-level meeting was held between Federal Minister for Petroleum Ali Pervaiz Malik and Ali Taha Al-Temimi, Country Manager of Kufpec and Chairman of the Pakistan Petroleum Exploration & Production Companies Association (PPEPCA). The meeting focused on strengthening collaboration in Pakistan's oil and gas sector, enhancing exploration activities, and addressing key challenges to enhance exploration activities.
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Ali Taha Al-Temimi, representing Kufpec – a leading international exploration company and a subsidiary of Kuwait Petroleum Corporation – appreciated the government's efforts and shared insights on optimising hydrocarbon exploration to meet Pakistan's growing energy demand. He apprised that Kufpec is aiming to participate in the offshore bidding round of Pakistan. Moreover, he briefed on the ongoing activities of the company in the country. Since 1987, Kufpec has invested $1.5 billion cumulatively.
https://www.scmp.com/week-asia/economics/article/3307992/pakistan-bets-mining-boom-can-it-equal-indonesias-nickel-success
Pakistan is poised to join the ranks of the world’s top producers of critical metals by the end of the decade, thanks to an April 8 deal between the government and Canadian mining giant Barrick Gold. Together, they aim to unlock the vast potential of Reko Diq, home to the world’s largest known untapped deposits of copper and gold with near-term production potential.
Chinese firms are already on the ground, Saudi Arabia is on the verge of investing, and the United States is clamouring for access to Pakistan’s mineral wealth. Analysts say this convergence of global interest gives Pakistan a rare chance to break free of its decades-long cycle of fleeting economic booms followed by prolonged stagnation.
“If Pakistan plays its cards right, it can leverage US-China competition to its advantage,” said Michael Kugelman, a Washington-based South Asia analyst. He argued that the country could secure investment deals from both powers, maximising returns from the expected influx of capital.
But the opportunity comes with risks. Pakistan faces mounting pressure to favour either China or the US in lucrative mining deals, Kugelman warned. This, in turn, could deepen Islamabad’s entanglement in global rivalries, “depriving it of the agency it would want to navigate geopolitical competition to its advantage”.
Prime Minister Shehbaz Sharif painted a more optimistic picture, however. Following the Barrick agreement, he said Pakistan could finally “say goodbye” to decades of reliance on the International Monetary Fund and other financial institutions – provided the country could fully capitalise on its mineral resources.
“With the right reforms, planning and integrated policies, that’s possible,” said Farwa Aamer, director of South Asia initiatives at the Asia Society Policy Institute, a New York-based think tank. She called the current moment “a unique opportunity” for Pakistan, not just to revitalise its beleaguered economy “but also to reclaim some of its relevance on the global stage” – a relevance that has waned since the US withdrawal from neighbouring Afghanistan in 2021.
The Indonesia model
Finance Minister Muhammad Aurangzeb, in a recent address to business leaders in Lahore, likened Pakistan’s copper reserves – part of the Tethyan metallogenic belt stretching from Europe to Southeast Asia – to Indonesia’s transformative nickel industry. Last year, Indonesia’s nickel exports generated US$22 billion.
“Copper is to us what nickel has been to Indonesia,” Aurangzeb said on April 12.
The potential is enormous. A feasibility study estimated that Reko Diq held more than US$60 billion worth of copper and gold. The project is expected to yield 13.1 million tonnes of copper and 17.9 million ounces of gold over its 37-year lifespan, with a quarter of the venture owned by the government of Balochistan, where the deposits are located.
Barrick, which holds a 50 per cent stake, projects US$74 billion in free cash flow over the mine’s lifetime. The first phase, requiring US$3 billion in financing from a multinational consortium led by the International Finance Corporation, is set to begin construction next year, after which exports are expected to commence in 2028. By 2029, operators plan to process 45 million tonnes of ore annually, with capacity doubling by 2034 following an additional US$3.5 billion investment.
https://www.barrons.com/articles/pakistan-economy-turnaround-257d44e3
For markets like Pakistan, it can take a threat of war to capture the world’s attention. Investors may regret not having looked sooner.
The country of 255 million has pulled off a macroeconomic miracle of sorts over the past two years. Inflation has nosedived from near 40% annually to near zero. Eurobonds maturing in 2031 have soared from 40 cents on the dollar to 80 cents. The Karachi Stock Exchange index has tripled. Prime Minister Shehbaz Sharif’s government reached a $7 billion stabilization agreement with the International Monetary Fund last September. More than $2 billion has already been disbursed.
“Pakistan is a good story,” says Genna Lozovsky, chief investment officer at Sandglass Capital Management, which buys distressed emerging markets debt. “So good it’s not risky enough for us anymore.”
The latest armed conflict with India, in a tenuous state of truce at press time, won’t likely knock Pakistan’s recovery off course. The country’s own shaky underpinnings might. The latest IMF bailout is its 24 th since joining the Fund in 1950. “Pakistan has been known for boom-and-bust cycles throughout its history,” notes Khaled Sellami, an emerging markets sovereign debt manager at Barings.
He sees some signs that this time could be different. Pakistan’s current bout of stabilization started with a near-default experience in 2022-23. Catastrophic flooding and a spike in oil prices following Russia’s invasion of Ukraine coincided with domestic political turmoil, as Sharif engineered a no-confidence motion against his predecessor Imran Khan, who was subsequently locked up on corruption charges.
“Everyone thought Pakistan would default along with Sri Lanka in 2023,” says Alison Graham, chief investment officer at frontier markets specialist Voltan Capital Management.
Instead, the State Bank of Pakistan hiked interest rates from 10% to 22%, pitching the country into recession but wringing out inflation. Sharif won a (disputed) election in February 2024, and improved Khan’s rocky relations with Islamabad’s meddlesome military, hopefully securing political stability until the next required poll in 2029.
Pakistan’s sovereign creditors—China, Saudi Arabia and the United Arab Emirates—rolled over their loans without extending new credit. Gross domestic product growth bounced back to 2.5% last year, and the country’s books are uncustomarily balanced. “The current account balance is positive, and they have a primary fiscal surplus [excluding interest payments],” Sellami observes. “That’s something we haven’t seen in many years.”
Stabilization is one thing, though, development another. Pakistan’s IMF program, like all IMF programs, calls for reforms that will be unpopular with powerful interests or the population at large. Islamabad is supposed to increase its tax take by half and slash electricity subsidies, among other uphill battles.
India’s leap forward in advanced industries like IT and pharmaceuticals points up its neighbor’s relative stagnation. Cotton, apparel and cereals account for two-thirds of Pakistan’s exports. It is belatedly moving into IT outsourcing, foreign sales rising from near nothing to $3 billion annually over the past few years, Sellami says. India is in the $200 billion range.
Without a value-added ladder to climb, fate and free-spending election cycles may continue driving Pakistan’s boom and bust, Graham thinks. “Pakistan remains extremely fragile to external shocks,” she says. “When there is a rally, you need to be in early.”
Sellami is more optimistic, remaining “constructive” on Pakistani Eurobonds.
https://www.arabnews.com/node/2600857/business-economy
ISLAMABAD: Bulls took charge of the local bourse today, Thursday, as the Pakistan Stock Exchange surged to new heights, fueled by optimism surrounding upcoming budget announcements and the release of a $1 billion tranche by the IMF, analysts said.
Pakistan on Wednesday received the second tranche of special drawing rights worth 760 million ($1,023 million) from the IMF under an extended fund facility (EFF) program. The IMF last week approved a fresh $1.4 billion loan to Pakistan under its climate resilience fund and also approved the first review of its $7 billion program, freeing about $1 billion in cash.
Pakistan’s federal budget for the next fiscal year, starting July, will be finalized within the next four weeks, with scheduled budget talks with the IMF to take place from May 14-23, according to the finance ministry.
The benchmark index witnessed a remarkable intraday rally, climbing as much as 1,453 points before closing with an impressive gain of 1,425 points at 119,961, marking a 1.20% increase and setting a new all-time high.
“Refinery stocks ended the day in the green amid sector-specific developments,” brokerage house Topline Securities said in a daily market review.
“The government is working to finalize a binding legal framework between oil marketing companies and refineries, with key clauses like take-or-pay aimed at resolving ongoing disputes over product upliftment and HSD imports — a move expected to bring greater clarity and stability to the supply chain.”
Market participation also picked up, with total traded volume reaching 695 million shares and a traded value of Rs39.01 billion. Pakistan Refinery Limited topped the volume chart with 50.8 million shares traded.
Samiullah Tariq, head of research and development at Pak Kuwait Investment Company Ltd, said the market was positive due to recent inflows from the IMF, noting the “expectations of further inflows on the back of the IMF Board approval.”
Thursday’s bullish momentum also comes as the market continues to recover from upheaval brought by the most intense military row between Pakistan and India in years last week. The two nuclear-armed nations agreed to a US-brokered ceasefire on Saturday.
@akdsecurities
𝐏𝐚𝐤𝐢𝐬𝐭𝐚𝐧 𝐣𝐨𝐢𝐧𝐬 𝐭𝐡𝐞 𝐔𝐒$𝟒𝟎𝟎 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐆𝐃𝐏 𝐥𝐞𝐚𝐠𝐮𝐞
Pakistan's 2025 GDP estimated at $411 billion
https://x.com/akdsecurities/status/1924774821826543723
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AKD Securities
@akdsecurities
𝐏𝐚𝐤𝐢𝐬𝐭𝐚𝐧’𝐬 𝐩𝐞𝐫 𝐜𝐚𝐩𝐢𝐭𝐚 𝐢𝐧𝐜𝐨𝐦𝐞 𝐡𝐢𝐭𝐬 𝐚 𝐡𝐢𝐬𝐭𝐨𝐫𝐢𝐜 𝐡𝐢𝐠𝐡 𝐨𝐟 𝐔𝐒$𝟏,𝟖𝟐𝟒
https://x.com/akdsecurities/status/1924798326920065387
@akdsecurities
Pakistan worker remittances increased by 14%YoY to US$3.7bn in May'25
https://x.com/akdsecurities/status/1932759007069884750
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The inflows brought total remittances for July-May FY2024-25 to $34.9 billion, marking a 28.8 percent increase from $27.1 billion in the same period last year. The rise follows a record breaking $4.1 billion in March, the highest-ever single-month inflow, and a robust $3.2 billion in April.
https://www.arabnews.com/node/2604146/pakistan
The strong performance has helped offset Pakistan’s trade deficit and support its fragile foreign exchange reserves amid continued macroeconomic pressure.
“This is the highest level of remittances recorded in recent months,” the SBP said in a statement, noting that the increase reflected stronger flows from key corridors and a growing shift toward formal remittances channels.
Analysts attribute the surge to a combination of factors, including improved exchange rate management, government crackdowns on hawala and hundi informal systems for transferring money internationally, and seasonal flows during Ramadan and Eid.
Saudi Arabia remained the largest contributor in May, sending $913.9 million, followed by the United Arab Emirates ($754.2 million), the United Kingdom ($588.1 million), and the United States ($314.7 million)
@umar_aziz_khan
Pakistan has significantly reduced its current account deficit from $15.2B in FY22 (11 months, PTI) to $3.8B in FY23, $1.6B in FY24, and achieved a $1.8B surplus in FY25 (11 months). On track for its first annual surplus in 14 years. Commendable effort by the PMLN team!
https://x.com/umar_aziz_khan/status/1936086459745734902
https://asia.nikkei.com/Business/Companies/Komatsu-to-set-up-mining-equipment-repair-hub-in-Pakistan
With Canada's Barrick Mining developing the Reko Diq gold mine in southwestern Pakistan, Komatsu has signed a contract to supply $440 million in equipment to the project in the coming years, starting in fiscal 2026.
The contract is one of Komatsu's biggest deals in the operating area that includes Pakistan and the Middle East, according to the company. It will provide equipment including large dump trucks, electric rope shovels and giant excavators.
Komatsu Pakistan Mining will be established in Karachi by year-end. Komatsu already has a software development center in the country but not a maintenance hub.
Mining equipment is run 24 hours a day, 365 days a year, so it needs immediate maintenance. Komatsu will spend $100 million on facilities for inspecting and repairing mining machinery. It will also eventually build up the staff to roughly 500 engineers and operators.
Komatsu will expand warehouse facilities in Dubai to bolster parts supplies. The Middle East hub, which already handles components for 100-ton-class machinery, will supply parts for mining equipment.
Komatsu and Barrick have collaborated on a copper mine in Zambia and a gold mine in the U.S. Mining equipment accounts for roughly 40% of Komatsu's group sales, with the bulk from North America and Central and South America.
Demand is rising for mining in the Middle East as the region looks to move away from a dependence on oil. Komatsu established a Kazakhstan hub in 2023 and plans to make investments in the Middle East to capture the anticipated growth in demand.
Supplying mining equipment is highly profitable, thanks to revenue from such after-sales services as parts replacement. Komatsu acquired U.S. mining equipment manufacturer Joy Global in 2017 and has been expanding its lineup by selling underground mining equipment.
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https://im-mining.com/2025/06/25/barrick-and-komatsu-agree-on-440-million-reko-diq-equipment-deal/
Barrick Mining Corporation, the operator of the Reko Diq Mining Joint Venture, and Komatsu have finalised an agreement for the delivery of primary mining equipment to Barrick’s Reko Diq copper-gold project in Pakistan starting in 2026. Valued at $440 million over the first five years, the deal marks Komatsu’s first major mining equipment placement in its Middle East territory and underscores the strengthening partnership between the two companies.
As part of its commitment to supporting Reko Diq’s operations, Komatsu intends to establish Komatsu Pakistan Mining (SMC-Private) Limited, a new entity dedicated to providing service and technical expertise at Reko Diq. Additional investments will also be made to Komatsu Middle East FZE, the regional headquarters in Dubai, UAE, to support an expanded equipment footprint in the region. These investments ensure Barrick will have the resources needed to efficiently operate at one of the world’s most significant greenfield mining developments.
“The Reko Diq project represents a long-term investment in our future and that of mining in Pakistan, and our partnership with Komatsu is an important part of that vision,” said Mark Bristow, Barrick President and CEO. “Komatsu equipment has proven its performance and reliability at our operations worldwide, and we are confident in their ability to support our goals at Reko Diq. We look forward to building on this strong relationship as we develop one of the world’s newest greenfield assets.”
The equipment package for Reko Diq includes:
• Komatsu 980E-5 ultra-class haul trucks – Manufactured and exported from Peoria, Illinois, these trucks are designed for high efficiency and longevity in demanding conditions.
https://dailytimes.com.pk/1338235/reko-diq-pays-28-million-to-balochistan-in-taxes/
Communications Manager Samia Ali Shah stated that by June 2025, RDMC paid $17.5 million in royalties, around $3.8 million in taxes collected from employees and partners, and $7.2 million toward social development programs. These payments highlight the project's ongoing commitment to the province's growth.
She clarified that the Balochistan government holds a 25% stake in the project. However, it has not made any direct investment so far. The project operates under a 50-50 partnership between the federal government of Pakistan and RDMC.
The briefing also shed light on the company's efforts to develop the local workforce. RDMC has taken steps to train youth from the region to help them gain technical skills and career opportunities in the mining sector.
Several young trainees, recently returned from Argentina after completing 18 months of technical training, were present at the event. According to Samia, 14% of these trainees were women, marking a notable push for gender inclusion in the mining workforce.
She added that this project holds long-term benefits for the region and is designed to uplift communities, build skilled human resources, and ensure sustainable economic development in Balochistan.
https://www.arabnews.com/node/2608119/pakistan
“Reko Diq is not just a mining project; it is a multi-generational opportunity that promises sustained economic and social development for local communities for decades to come,” Barrick CEO Mark Bristow said in a statement on Monday released after he visited Humai, the closest village to the project site in District Chagai.
Bristow met local elders and development committee members, reaffirming the company’s goal to invest in job creation, skills training, education, and health care for Baloch communities.
“We are creating job opportunities not only through RDMC but also through our large network of partner and supplier companies that are coming onboard to support this major development,” Bristow said. “Currently, 75 percent of our workforce is from Balochistan — the majority from District Chagai — and we aim to continue strengthening this local representation.”
Bristow also highlighted recent investments in health care, including a new Mother and Child Health Center in Humai that offers maternal care services — the first such facility of its kind in the area.
“No meaningful development of this world-class mineral resource can happen without the active involvement and support of the people who live here,” he said.
Humai village chief Liaqat Malik and Par-e-Koh Community Development Committee Chairman Taj Muhammad thanked Bristow and RDMC for their engagement and development work, pledging continued community support for the project, according to the Barrick statement.
The Reko Diq project is expected to begin production by 2028 and generate thousands of jobs while significantly boosting Pakistan’s export revenues. The Pakistani government has said it will ensure environmental protections and fair distribution of project benefits, though watchdog groups continue to call for greater transparency and community participation in oversight.
@UzairYounus
🇵🇰's Reko Diq mine now has:
🇨🇦 operator
🇫🇮 power provider
🇯🇵 equipment made by 🇺🇸 workers
🇺🇸-led institutions like the IFC and WB funding
As it scales, the project can truly change the country's FDI environment.
https://www.komatsu.jp/en/newsroom/2025/20250625
https://x.com/UzairYounus/status/1947304448394407997
@TrumpTruthOnX
We are very busy in the White House today working on Trade Deals. I have spoken to the Leaders of many Countries, all of whom want to make the United States “extremely happy.” I will be meeting with the South Korean Trade Delegation this afternoon. South Korea is right now at a 25% Tariff, but they have an offer to buy down those Tariffs. I will be interested in hearing what that offer is.
We have just concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves. We are in the process of choosing the Oil Company that will lead this Partnership. Who knows, maybe they’ll be selling Oil to India some day!
Likewise, other Countries are making offers for a Tariff reduction. All of this will help reduce our Trade Deficit in a very major way. A full report will be released at the appropriate time. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!
https://x.com/TrumpTruthOnX/status/1950654905804279830
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Trump Says Pakistan Deal Done, South Korea Is Close
https://www.wsj.com/livecoverage/fed-meeting-interest-rate-decision-07-30-2025/card/trump-says-pakistan-deal-done-south-korea-is-close-QMBjox9gQN7P9yc4xlPm
The U.S. and Pakistan have concluded a trade pact, President Trump said Wednesday, adding that a deal could be close with South Korea.
Trump said on Truth Social that the U.S. has “concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves,” and is in the process of choosing a company to lead the partnership.
Trump also said he would meet with a South Korean delegation on Wednesday afternoon, who would bring an offer to “buy down” the 25% tariffs Trump has threatened to impose Aug. 1. Trump has previously pressed others to commit funds to build infrastructure and energy projects in the U.S., including the European Union and Japan.
Trump provided no further detail, but said "a full report" would be released "at the appropriate time."
Adeel Afzal
@AdeelAfzal06
Pakistan’s Reko Diq project secures $5B in financing offers from global institutions including ADB, IDB, IFC, US Exim Bank, and others, exceeding its $3B requirement. Backed by Barrick Gold and SIFC, the project is expected to generate $2.8B in annual exports and $74B in long-term cash flow.
https://x.com/AdeelAfzal06/status/1951551517439263171
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Donors offer $5b for Reko Diq
ADB, US Exim Bank among lenders offering funds for copper, gold project
https://tribune.com.pk/story/2559222/donors-offer-5b-for-reko-diq
Sources told The Express Tribune that the commitments received from foreign donors were more than the funding requirement for the Reko Diq project, which is estimated at $3 billion.
They said that the donors included 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 offered financing.
According to sources, the financial close of the project is at an advanced stage and Petroleum Minister Ali Pervaiz Malik, backed by the Special Investment Facilitation Council (SIFC), is taking the lead and making aggressive efforts to expedite work, which will pave the way for exploring the entire potential of the mining sector.
It is interesting to note that the US Exim Bank has offered no cap on financing and is ready to provide capital, which Pakistan and other partners desperately need. The Ministry of Petroleum recently organised a webinar in association with the US embassy to woo American investors to participate in mining projects in Pakistan. State-owned exploration giant Oil and Gas Development Company (OGDC) is a key partner in the Reko Diq project and efforts are underway to kick off work. It also helped arrange a mineral conference, which attracted financing offers
Pakistan is blessed with abundant mineral resources that hold immense potential for fuelling economic growth and industrial development. The country’s vast reserves of minerals, including coal, copper, gold, iron ore, chromite and precious stones, provide a solid foundation for the mining sector to thrive and contribute to economic development.
Despite its huge potential, the mineral sector currently contributes around 3.2% to the gross domestic product (GDP), with exports accounting for only 0.1% of the world’s total. However, with increasing exploration, foreign investment and infrastructure improvements, the mining industry is poised for significant expansion.
Pakistan’s mineral-rich landscape covers an outcrop area of approximately 600,000 square kilometres. With 92 known minerals, 52 of which are commercially exploited, Pakistan produces an estimated 68.52 million metric tons of minerals annually. The sector supports over 5,000 operational mines and 50,000 small and medium enterprises (SMEs), providing direct employment to 300,000 workers.
Some of the country’s most notable mineral reserves include the world’s second-largest salt mines, the fifth-largest copper and gold deposits and significant coal reserves. Furthermore, Pakistan holds vast quantities of bauxite, gypsum and precious stones such as ruby, topaz, and emerald, which offer considerable export potential.
Globally, mineral resources play a crucial role in economic development. Many developed countries, including China, Italy, Turkiye, Spain and Brazil, have effectively leveraged their mineral wealth to fuel industrial growth, increase employment and enhance per-capita income.
Pakistan’s mineral sector holds similar promise. With strategic planning and investment, the country can improve trade, generate employment and facilitate infrastructure development, ultimately accelerating economic progress.
The local mining sector is increasingly attracting foreign investment, with global firms eyeing the untapped mineral reserves. The Reko Diq copper and gold project, located in the Chagai district of Balochistan, has the world’s largest untapped copper reserves and stands as a milestone for Pakistan’s mining ambitions.
ADB, US Exim Bank among lenders offering funds for copper, gold project
https://tribune.com.pk/story/2559222/donors-offer-5b-for-reko-diq
The project, revived by Canada’s Barrick Gold, is expected to start producing copper and gold by 2028, with an initial investment of $5.5 billion. According to Mark Bristow, CEO of Barrick Gold, which owns a 50% stake in the project, the reserves are expected to generate $74 billion in free cash flow over the next 37 years.
The mine is anticipated to generate $2.8 billion in annual exports, create thousands of jobs and transform the local economy. A planned expansion will increase copper production to 400,000 tonnes and gold output to 500,000 ounces per year, with an additional investment of $3.5 billion
Under an intergovernmental transaction agreement, the federal cabinet has approved the sale of a 15% stake in the Reko Diq project to Saudi Arabia. This underscores the region’s potential as a hub for foreign investment in the mining sector. Saudi Arabian mining company Manara Minerals will acquire the 15% stake, potentially involving an investment of $1 billion.
Logistics for the Reko Diq mine will be managed through a railway track, which is being built in partnership with Pakistan Railways. Railway tracks will essentially entail moving mining supplies to Karachi and eventually exporting copper concentrate and gold.
https://finance.yahoo.com/news/us-firms-said-eye-pakistan-053605583.html
(Bloomberg) -- America’s most senior envoy in Pakistan has told the South Asian nation that US companies are showing “strong interest” in its oil and gas sector, after President Donald Trump late last month surprised the industry by vaunting “massive” reserves.
Pakistan’s Petroleum Minister Ali Pervaiz Malik met with US Charge d’Affaires Natalie A. Baker last week in Islamabad on strengthening cooperation in the energy sector, according to the ministry. Malik said talks with American companies on a round of bids for exploration blocks were already underway.
“There is a strong and growing interest from US companies in Pakistan’s oil, gas, and minerals sector, in line with the vision of President Trump,” Baker said, according to a ministry statement. The embassy would “actively facilitate direct linkages” between American and Pakistani companies, she added.
The US embassy in Islamabad didn’t immediately elaborate on the comments.
Trump sparked a surge of interest in Pakistan’s energy potential after a social media post in July claimed the country has “massive oil reserves” — a declaration that caught a number of industry veterans by surprise. The comment is at odds with existing estimates and comes against a backdrop of declining foreign investment.
It also coincides with the US president’s trade spat with India. At the same time as Trump was talking up Pakistan’s oil potential, he was ripping New Delhi for buying crude from Russia, threatening economic penalties and souring diplomatic relations. The US president needled India further, suggesting Islamabad could sell oil to its neighbor “some day!”
It’s a “political statement,” said Moin Raza Khan, an energy veteran and former chief executive officer of Pakistan Petroleum Ltd., the country’s second-largest energy explorer. “If Pakistan had massive oil reserves” then so many foreign companies wouldn’t have left, he added.
A White House spokesperson declined to comment beyond Trump’s post.
Pakistani officials like to cite a 2013 estimate from the Energy Information Administration of 9.1 billion barrels of recoverable shale oil, but analyst Iqbal Jawaid at Karachi Arif Habib Ltd. reckons overall reserves are much lower. He puts the figure at closer to about 238 million barrels.
That’s modest at best, when the world’s biggest oil producers, such as Saudi Arabia, Russia and the US, are sitting on billions of recoverable barrels, according to estimates from Rystad Energy. In terms of discoveries, it has been more than a decade since anything notable was found in Pakistan.
The two most recent big finds are now the nation’s two-largest oil-producing fields, said Karachi Arif’s Jawaid. Makori East was discovered in 2011 by a group that includes Hungary’s MOL Group, and Nashpa in 2009 by a venture led by Oil & Gas Development Co., the country’s biggest explorer.