Overview
- The State Department spotlighted the decision during a critical minerals ministerial in Washington that also launched the FORGE forum and unveiled more than $30 billion mobilized for supply-chain projects.
- Project Vault carries a $10 billion EXIM authorization to build a U.S. strategic reserve of critical minerals, with Reko Diq designated as the only non‑U.S. investment in the portfolio.
- Construction at Reko Diq is underway with commercial output targeted for 2028, and U.S. officials project up to $2 billion in U.S. equipment exports along with an estimated 6,000 U.S. jobs and 7,500 jobs in Balochistan.
- Security remains a major risk in Balochistan given recent militant violence reported by multiple outlets, with News18 reporting that Barrick is reviewing the project in light of escalating threats.
- Barrick holds 50% of the project alongside Pakistani federal and provincial stakes, and lenders including IFC and the Asian Development Bank are assembling financing exceeding $2.6 billion, according to reports.