The US Export-Import Bank (EXIM) will revisit its proposed $1.25 billion financing package for Pakistan's Reko Diq copper and gold project as revised project costs and the final financing structure are being prepared.

According to US Embassy officials, the project continues to move forward, although progress has been slower than initially anticipated due to updates in project costs and financing requirements.

Pakistan had originally approved a $6.7 billion investment plan for the first phase of the Reko Diq project. However, in September last year, the government approved revised definitive agreements and financial commitments, increasing the estimated cost of the first phase to $7.723 billion.

The proposed financing from US EXIM forms part of a broader international funding package for the project. Other development finance institutions, including the International Finance Corporation (IFC), are also expected to participate in the project's final financing arrangements.

US Embassy officials described Reko Diq as one of Pakistan's most significant mining projects, highlighting its potential to boost exports, foreign exchange earnings, and long-term economic growth once commercial production begins.

The project is regarded as a strategic investment for unlocking Pakistan's vast mineral resources and strengthening the country's position in the global copper and gold supply chain.