Pakistan Targets Mineral Investment as Reko Diq Eyes Late-2028 Production

ISLAMABAD, October 17 (Nazrana Times): Pakistan is preparing to host the Pakistan Minerals Investment Forum 2026 (PMIF26) in Islamabad on November 12–13 as it seeks investment to develop mineral resources estimated at up to $8 trillion. The Reko Diq copper-gold project remains central to that effort, with first production expected by late 2028.

Official estimates indicate that Pakistan has identified 92 minerals, of which 52 are being mined commercially. Independent valuations put the country’s mineral endowment at between $6 trillion and $8 trillion across nearly 600,000 square kilometres.

Despite that potential, mining contributes less than 3% of Pakistan’s GDP, while the country accounts for about 0.1% of global mineral exports.

Investment and governance seen as key to export growth

According to reports, effective policies, improved governance and investment could increase annual mineral exports from about $3 billion to $8 billion. Policymakers say the sector could also help raise GDP growth from around 3% to 6%, provided regulatory and security challenges are addressed.

Reko Diq targets first production by late 2028

The $7 billion Reko Diq project in Balochistan is a joint venture owned equally by Barrick Gold Corporation and Pakistani entities. Barrick holds 50%, while the Balochistan government and federal state-owned enterprises hold 25% each.

The project contains an estimated 5.9 billion tonnes of ore and has a projected mine life of 37 years.

Its first phase is expected to produce 240,000 tonnes of copper and 297,000 ounces of gold annually. A second phase, planned for 2034, aims to double processing capacity, bringing average annual output to 460,000 tonnes of copper and 520,000 ounces of gold.

Reko Diq is projected to generate more than $70 billion in free cash flow over its lifespan and about $2.8 billion in annual export value once operational.

In October 2025, Pakistan secured $3.5 billion in international financing for the project from a consortium of 11 lenders, including the US Export-Import Bank and the Asian Development Bank.

Islamabad forum to bring investors and project partners together

PMIF26 will take place at the Jinnah Convention Centre in Islamabad. Originally scheduled for April 8–9, the event was subsequently rescheduled to November 12–13.

The government’s flagship minerals investment forum is intended to showcase mineral resources, attract international investors and facilitate partnerships.

The 2025 edition drew 5,000 delegates from more than 50 countries and resulted in the signing of 16 memoranda of understanding.

Critical minerals offer opportunities, but challenges remain

Pakistan has identified at least 12 of the 17 rare earth elements, alongside deposits of lithium-bearing pegmatites, chromite, beryllium and zircon. The country is seeking a larger role in global critical mineral supply chains.

However, coordination between federal and provincial authorities remains a challenge. The 18th Constitutional Amendment devolved mineral authority to the provinces, while trade and investment policy remained federal.

The investment climate was also affected by the $5.9 billion award issued against Pakistan in 2019 by the International Centre for Settlement of Investment Disputes (ICSID) over the Tethyan Copper dispute. The Reko Diq project was revived in 2022.