Reko Diq copper-gold mining project: JBIC’s joining lender group welcomed

ISLAMABAD: Federal Minister for Petroleum Ali Pervaiz Malik on Thursday welcomed the Japan Bank for International Cooperation (JBIC) joining the lender group for the pivotal Reqo Diq copper-gold mining project, underscoring Islamabad’s firm commitment to facilitating foreign investment and sustainable development in its mineral sector.

Malik met with a delegation from JBIC led by Taro Kato, Director General of Mining and Metals Finance, to discuss expanding bilateral cooperation in Pakistan’s mining and energy industries.

“We are deeply grateful for the Japanese interest and confidence in investing in Pakistan’s economic potential,” Malik said in a statement.

He reaffirmed the government’s “unconditional support” for the Reqo Diq project at both federal and provincial levels, describing it as a benchmark for responsible and sustainable mining.

The Reqo Diq project, located in Balochistan, is a major copper and gold deposit jointly developed by Barrick Gold and the Pakistani government. JBIC’s recent entry into the project’s financing group marks a significant milestone in its progress.

Kato noted the growing interest from Japanese investors in Pakistan’s market and said JBIC was eager to expand cooperation beyond mining into the broader energy sector.

“JBIC is keen to foster this positive momentum and deepen our cooperation,” he said.

Kenichiro Kitamura, JBIC’s Chief Representative for the Middle East, emphasized the importance of high-level dialogue in building trust and improving investor perceptions. “Visits and dialogues like these directly help pave the way for mutually beneficial partnerships,” he said.

Minister Malik highlighted Pakistan’s efforts to harmonize its mining framework and streamline investment procedures, aiming to position the country as a preferred destination for international capital and expertise.

The meeting concluded with both sides agreeing to continue collaboration, leveraging Japanese financial and technological expertise to responsibly unlock Pakistan’s natural resource potential.

Copyright Business Recorder, 2025