US diplomat highlights potential of Reko Diq copper and gold mine
ISLAMABAD: The US Deputy Chief of Mission to Pakistan Natalie Baker said on Wednesday that the massive Reko Diq copper and gold mine is expected to generate more than $75 billion in profits over its lifetime and drive nearly $1 billion in US exports in equipment and services.
Speaking during a webinar on business opportunities in Pakistan's critical minerals sector, Baker called the mine a world-class project and a key example of US-Pakistan cooperation.
'It demonstrates the impact of decades of collaboration between the US and Pakistan – beginning with a joint geological survey in 1961 that first discovered the copper and gold deposits in that part of Balochistan,' she said.
Baker emphasised that Pakistan's critical minerals sector offers 'immense potential' for both countries, presenting opportunities for economic growth, innovation, and investment.
'Pakistan's diverse geological landscape is home to vast mineral deposits, including copper, gold, lithium, and antimony,' she said, adding that Pakistan had taken important steps to improve its business climate, making it easier for international firms to enter the market.
She said such reforms would allow international investors and local communities alike to benefit from Pakistan's large-scale mining potential.
The acting ambassador said the US Mission in Pakistan was committed to strengthening economic ties and helping US firms engage with the Pakistani market.
'Our embassy and consulates are here to support American companies by connecting them with local partners and ensuring they have the resources and information they need to succeed,' she said.
'We are committed to facilitating investment, promoting trade, and advocating for policies to improve the business environment,' she added. Baker noted that American firms had already taken part in the Reko Diq project, particularly in engineering and mining equipment.
'The many new projects underway will bring increased demand for modern geophysical surveys, infrastructure development, and project management – areas where American companies are uniquely positioned to contribute,' she said.
She added that Pakistani mining companies were exploring new, highly prospective license areas, including copper and gold near Reko Diq and antimony elsewhere, and were actively seeking international partners.
'In recent years, we've seen significant progress in our economic relationship,' she said. 'US investors have made substantial contributions to Pakistan's development, and we are confident that the critical minerals sector will be another success story.'
Concluding her remarks, Baker encouraged US businesses to seize emerging opportunities in the minerals sector.
'I encourage all of you to take advantage of the opportunities presented today. Engage with the experts, ask questions, and explore how your businesses can contribute to and benefit from Pakistan's critical minerals sector,' she said. 'The US Mission is here to assist you every step of the way.'
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
37 minutes ago
- Business Recorder
US diplomat highlights potential of Pakistan's Reko Diq copper and gold mine
ISLAMABAD: The US Deputy Chief of Mission to Pakistan Natalie Baker said on Wednesday that the massive Reko Diq copper and gold mine is expected to generate more than $75 billion in profits over its lifetime and drive nearly $1 billion in US exports in equipment and services. Speaking during a webinar on business opportunities in Pakistan's critical minerals sector, Baker called the mine a world-class project and a key example of US-Pakistan cooperation. 'It demonstrates the impact of decades of collaboration between the US and Pakistan – beginning with a joint geological survey in 1961 that first discovered the copper and gold deposits in that part of Balochistan,' she said. Baker emphasised that Pakistan's critical minerals sector offers 'immense potential' for both countries, presenting opportunities for economic growth, innovation, and investment. 'Pakistan's diverse geological landscape is home to vast mineral deposits, including copper, gold, lithium, and antimony,' she said, adding that Pakistan had taken important steps to improve its business climate, making it easier for international firms to enter the market. She said such reforms would allow international investors and local communities alike to benefit from Pakistan's large-scale mining potential. The acting ambassador said the US Mission in Pakistan was committed to strengthening economic ties and helping US firms engage with the Pakistani market. 'Our embassy and consulates are here to support American companies by connecting them with local partners and ensuring they have the resources and information they need to succeed,' she said. 'We are committed to facilitating investment, promoting trade, and advocating for policies to improve the business environment,' she added. Baker noted that American firms had already taken part in the Reko Diq project, particularly in engineering and mining equipment. 'The many new projects underway will bring increased demand for modern geophysical surveys, infrastructure development, and project management – areas where American companies are uniquely positioned to contribute,' she said. She added that Pakistani mining companies were exploring new, highly prospective license areas, including copper and gold near Reko Diq and antimony elsewhere, and were actively seeking international partners. 'In recent years, we've seen significant progress in our economic relationship,' she said. 'US investors have made substantial contributions to Pakistan's development, and we are confident that the critical minerals sector will be another success story.' Concluding her remarks, Baker encouraged US businesses to seize emerging opportunities in the minerals sector. 'I encourage all of you to take advantage of the opportunities presented today. Engage with the experts, ask questions, and explore how your businesses can contribute to and benefit from Pakistan's critical minerals sector,' she said. 'The US Mission is here to assist you every step of the way.' Copyright Business Recorder, 2025
Business Recorder
2 hours ago
- Business Recorder
TOMCL becomes first Pakistani-listed firm to export beef casings to Europe
In a key development for the country's meat industry, The Organic Meat Company Limited (TOMCL), a Pakistani meat processor, has become the first publicly listed Pakistani company to export beef casings to Europe. The company shared the development in a notice to the Pakistan Stock Exchange (PSX) on Thursday. 'We are delighted to announce that TOMCL has proudly become the first Pakistani-listed company to successfully export beef casings to Europe,' read the notice. 'This groundbreaking achievement marks a significant milestone not only for the company but also for Pakistan's meat processing and export industry. 'This inaugural export positions the company on the global map as a trusted supplier in the high-potential European market and opens up exciting new avenues for export growth. It reflects our continuous efforts to diversify our product range and expand our international footprint,' it added. TOMCL boosts frozen beef production, targets rising demand in China Incorporated in Pakistan as a private limited company in 2010, TOMCL is engaged in the processing and sale of halal meat and allied products. It is also one of the leading exporters of red meat and meat by-products. Middle Eastern countries are TOMCL's major export market. However, the company has added pet food raw materials to its portfolio, enabling it to tap the US and Europe as well. The company also has significant business in the Far East, the Commonwealth of Independent States and South Asian markets. In 2021, the Chinese customs authorities approved TOMCL to export heat-treated beef to China. It also claims to be the first Pakistani company to initiate the export of vacuum-packed fresh beef meat and the only company in the region owning the technology to vacuum pack or blast freeze mutton and quarter beef carcasses.
Express Tribune
4 hours ago
- Express Tribune
Trade talks with US set to conclude next week
Pakistan and the US have resolved to conclude trade talks next week, the South Asian nation said on Wednesday after a meeting between its Finance Minister Muhammad Aurangzeb and US Commerce Secretary Howard Lutnick. The negotiations, focused on reciprocal tariffs, are part of a broader push to reset economic ties at a time of shifting geopolitical alignments and Pakistan's efforts to avoid steep U.S. duties on exports. "Both sides showed satisfaction on the ongoing negotiations and resolved to conclude the trade negotiations next week," the finance ministry said in a statement, adding that a longer-term strategic and investment partnership is also under discussion. Pakistan faces a 29% tariff on exports to the US under President Donald Trump's measures to target countries with large trade surpluses with the US Pakistan's surplus was around $3 billion in 2024. To offset the imbalance and ease tariff pressures, Islamabad has offered to import more US goods, including crude oil, and to open up investment opportunities through concessions for US firms in Pakistan's mining sector. Earlier this week, the two countries co-hosted a webinar promoting investment in Pakistan's mineral sector, including the $7 billion Reko Diq copper-gold project. Senior officials from both governments and US investors discussed public-private partnerships and regulatory reforms. The US Export-Import Bank is reviewing financing proposals worth $500 million to $1 billion in Reko Diq. Trump, who hosted Field Marshal Gen Asim Munir at the White House last week, has earlier said trade helped avert a deeper conflict between Pakistan and India. Meanwhile, the US and Pakistan have agreed to increase bilateral economic and trade ties and meaningful engagement in investment and negotiation on pertinent economic issues. Finance Minister Muhammad Aurangzeb held a virtual meeting with US Commerce Secretary Howard Lutnick. The discussion focused on meaningful engagement in trade, investment and deepening economic ties mutually beneficial to both sides with technical level trade related discussions to be concluded coming week, said a press release issued here on Wednesday. A virtual meeting took place between Mr. Muhammad Aurangzeb, Finance Minister and Howard Lutnick, United States' Commerce Secretary on United States (US) reciprocal tariffs, said a press release issued here on Wednesday. Both sides showed satisfaction with the ongoing negotiations and resolved to conclude the trade negotiations next week. It was also resolved that, further to the trade agreement, a partnership, based on strategic and investment interests, would be concluded in due course covering areas of mutual interest. Both sides expressed confidence in concluding trade negotiations at the earliest.
