The project is a joint venture between Canada’s Barrick Gold (50%) and Pakistani stakeholders (50%), and aims to start production in 2028. The US Embassy said the funding will drive economic growth in the province.

Chargé d’Affaires Natalie Baker said that EXIM’s financing will bring up to $2 billion in US mining equipment and services for the Reko Diq project. She added that the project will create around 6,000 jobs in the US and 7,500 jobs in Balochistan.

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Baker emphasized that Reko Diq is a model for mining projects benefiting both US exporters and local communities in Pakistan, providing employment and economic prosperity.

Last month, US EXIM chairperson John Jovanovic announced a $100 billion plan to secure supply chains for critical minerals, nuclear energy, and LNG, with initial projects in Pakistan, Egypt, and Europe.

Earlier in September, US Strategic Metals (USSM) and Pakistan’s Frontier Works Organization (FWO) signed a $500 million MoU to strengthen cooperation in the critical minerals sector. Pakistan delivered its first batch of rare earth elements and critical minerals to the US in October, marking progress in the partnership.