Trump commits $1.25bn financing for copper-gold mine in Pakistan

ISLAMABAD: The Trump administration has approved $1.25 billion in US Export-Import (EXIM) Bank financing for Pakistan’s Reko Diq coppergold mine in Balochistan, the mineral-rich province.“In the coming years, EXIM’s project financing will bring in up to $2 billion in high-quality US mining equipment and services needed to build and operate the Reko Diq mine, along with creating an estimated 6,000 jobs in the US and 7,500 jobs in Balochistan,” US charge d’affaires in Islamabad Natalie Baker said in a statement.She said the Reko Diq mine “serves as the model for mining projects that will benefit US exporters, as well as local Pakistani communities and partners”.Reko Diq is a key coppergold mine in the Balochistan province, featuring vast, undeveloped deposits. A partnership has been agreed between Barrick Gold Mining company and Pakistan’s federal and Balochistan provincial govts, targeting first production in 2028.