The European Investment Bank has shown interest in supporting Pakistan’s major mining project at Reko Diq, which is known for its gold and copper reserves. The move is part of Europe’s effort to secure important minerals needed for green energy and digital technologies.
Officials said earlier reports claiming the project was worth $6 trillion were not accurate. However, they confirmed that Reko Diq still holds strong potential and is considered one of the country’s most valuable natural resource projects.
To attract foreign investors, Pakistan is offering tax incentives and discussing ways to reduce financial pressure during the early development stages. These steps are aimed at making the project more appealing and financially viable.
Despite the interest, progress on the project has been slower than expected. Concerns related to security and financial risks have delayed further development. Barrick Gold, which is involved in the project, is currently reviewing its plans and is expected to make decisions by 2027.
The first phase of development is estimated to cost up to $6 billion. If timelines remain on track, production could begin around 2028.
Experts say projects like Reko Diq can play a major role in boosting Pakistan’s economy by attracting investment, creating jobs, and increasing exports. At the same time, they stress the need for stability and clear policies to ensure long-term success.
