Web Desk: Pakistan’s drive to tap its mineral reserves continues to hinge on the multibillion-dollar Reko Diq Mine in Balochistan, where investors say development remains aligned with plans to begin commercial output in 2028.
Government officials and industry executives describe steady progress at the site, even as security risks, political sensitivities and a layered ownership framework complicate public communication.
The project is operated by Canada-based Barrick Gold, which owns 50% of the Reko Diq Mining Company. Responding through advisory firm Brunswick Group, Barrick issued a short statement confirming it is reviewing various aspects of the venture, the potential entry of additional partners or the status of a reported $1.3 billion financing package from the U.S. EXIM Bank.
Meanwhile, talk of expanding the ownership base has circulated in policy and business circles. However, most officials and sector specialists consider any near-term restructuring improbable.
The existing shareholder arrangement already balances federal and provincial interests alongside the foreign operator. Altering that mix, could disrupt established understandings and delay execution. Previous discussions about widening participation did not gain traction.
The project’s rising capital requirement has also limited domestic involvement. Initial cost projections of $4 billion have climbed to roughly $7 billion, according to people familiar with the estimates. As a result, several Pakistani mining companies that once explored participation stepped back, citing affordability concerns.
Regarding external funding, a U.S. loan facility was approved in December 2025 and later reaffirmed publicly. The that large-scale mining ventures typically secure financing in phases and that construction timelines do not hinge on a single funding stream.
Officials in Islamabad and Quetta, along with industry observers monitoring site activity, say groundwork and preparatory operations continue. They remain cautiously optimistic but acknowledge persistent security threats and growing frustration among segments of the local population.
Project representatives say they have prioritised local sourcing and employment to strengthen ties with surrounding communities. Contractors procure building materials and even bottled drinking water from within Balochistan rather than from suppliers outside the province.
Hiring patterns follow a similar approach. About 70% of the workforce comes from Balochistan, with preference given to residents of districts near the mine.
As Pakistan stakes its mineral future on Reko Diq, the project’s trajectory may depend as much on dialogue and inclusion as on copper prices and capital flows.
