Balochistan News: Washington has approved $1.25 billion in US Export-Import Bank financing for the Reko Diq copper-gold mine in Pakistan, according to acting US ambassador Natalie Baker.
The facility that is one of the largest financing decisions by the United States in Pakistan is expected to help pave the way for US-sourced mining technology, drilling machinery and operations support.
Balochistan News: How Many Jobs Will it Create?
Located in the mineral-rich southwestern province of Balochistan, the $7 billion Reko Diq project is being developed by Barrick Gold, Canadian mining giant, in partnership with federal and state governments of Pakistan. This is likely to create an estimated 6,000 jobs in the US and 7,500 jobs in Balochistan.
Saudi Arabia’s Manara Minerals, a Public Investment Fund and Ma’aden joint venture, has also expressed its intent to acquire a 15 percent stake in the project.
Expected Earnings
Reko Diq is expected to generate $2.8 billion in export potential in its first year of shipment, which would be approximately 10 percent of Pakistan’s existing export volume. The project added 13 million ounces to the gold reserves of Barrick Gold in 2024. It is likely to produce 200,000 metric tonnes of copper a year in the first phase, doubling after expansion.
Will the funds really reach the common Baloch community?
Given Pakistan’s highly poor track record and a hatred for the Baloch community, it is evident that the normal Baloch will not benefit much from this investment. As always, the corrupt politicians in Pakistan will loot the funds in broad daylight or the Pakistan army will divert these funds to propel anti-India rhetoric.
