A Pakistani firm growing a greenfield copper mine in Balochistan — touted because the world’s fifth largest — has utilized for a mortgage exceeding $100 million from the US Export-Import (EXIM) Financial institution. Reko Diq Mining Firm’s mortgage software follows a current financing haul of over $400 million from the Asian Improvement Financial institution (ADB) and not less than $450 million from the World Financial institution’s Worldwide Finance Company (IFC).
The Reko Diq copper and gold mine, owned 50 per cent by the Canada-headquartered mining large Barrick Gold Company, and 25 per cent every by the Authorities of Balochistan and state-owned companies, is ready to place Pakistan as a key participant within the world essential minerals provide chain.
At a time when copper demand is racing forward of ore manufacturing, the mission is more likely to be a focus for the Donald Trump administration, which is scrambling to safe provides of the essential mineral with broad industrial purposes, together with EV batteries and renewable vitality applied sciences.
Mortgage to finance tools imports from US
Reko Diq Mining Firm has utilized for “long-term loans or monetary ensures in extra of $100 million”, the US EXIM Financial institution revealed in a doc printed on Wednesday. The financial institution has known as for feedback on the appliance inside 26 days, following which its board of administrators will take the ultimate name.
The mortgage shall be used to finance the import of apparatus for the mine’s growth, akin to mining vans, crushers, photo voltaic panels, and different equipment, together with consultancy providers from the US. The applying has recognized seven suppliers with services throughout the US, together with Caterpillar, First Photo voltaic, Komatsu, and Wabtec.
The mortgage software by the Pakistani firm comes as home copper initiatives within the US have struggled to take off. On August 18, a federal appeals court docket quickly blocked a land switch required to start out work on an Arizona copper mission, which might change into one of many US’ largest. Trump hit again on the order, claiming that those that oppose the mine signify “different copper aggressive Nations” in a social media publish.
Multilateral lenders rally behind the mission
Already, the Reko Diq mission has seen notable success in securing funding from multilateral growth banks. In June, the IFC’s board permitted $450 million in loans, as a part of a proposed financing bundle totalling $700 million for the Reko Diq mine’s growth. The estimated mission price is $6.6 billion, which shall be met by a mixture of debt and fairness, in accordance with the IFC.
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Then, on August 22, the ADB’s board of administrators authorised $300 million in loans to Reko Diq Mining Firm, and a $150 million partial credit score assure to cowl the Balochistan authorities’s fairness part. “Financing for the mission would be the largest international direct funding in Pakistan’s historical past,” the ADB stated in a press launch.
Along with an open-pit mine, the mission additionally includes the creation of a processing plant along with storage, energy era, and transportation infrastructure.
‘Reko Diq mine key to easing world copper shortfall’
“When absolutely full, Reko Diq is anticipated to be the world’s fifth-largest copper mine. Within the first part, the mine will produce on common 800,000 tons of copper focus each year and play a key function in addressing the projected world copper shortfall,” the ADB stated.
The ADB expects the Reko Diq mine to start out manufacturing in late 2028. As per the US Geological Survey, Chile (23 per cent), the Democratic Republic of the Congo (14), and Peru (11) collectively accounted for practically half of worldwide copper output in 2025. Refining, nonetheless, is concentrated elsewhere — China alone produced 44 per cent of the world’s refined copper in the identical 12 months.
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India mined simply 30,000 metric tons of copper in 2025 — round 0.1 per cent of worldwide output — and accounted for under 2 per cent of worldwide refined copper manufacturing. Hindustan Copper Ltd, a central PSU underneath the Ministry of Mines, is the one firm that mines copper in India.