Comment by Riaz Haq on July 30, 2025 at 4:19pm

Trump Truth Social Posts On X
@TrumpTruthOnX
We are very busy in the White House today working on Trade Deals. I have spoken to the Leaders of many Countries, all of whom want to make the United States “extremely happy.” I will be meeting with the South Korean Trade Delegation this afternoon. South Korea is right now at a 25% Tariff, but they have an offer to buy down those Tariffs. I will be interested in hearing what that offer is.

We have just concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves. We are in the process of choosing the Oil Company that will lead this Partnership. Who knows, maybe they’ll be selling Oil to India some day!

Likewise, other Countries are making offers for a Tariff reduction. All of this will help reduce our Trade Deficit in a very major way. A full report will be released at the appropriate time. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!

https://x.com/TrumpTruthOnX/status/1950654905804279830

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Trump Says Pakistan Deal Done, South Korea Is Close

https://www.wsj.com/livecoverage/fed-meeting-interest-rate-decision...


The U.S. and Pakistan have concluded a trade pact, President Trump said Wednesday, adding that a deal could be close with South Korea.

Trump said on Truth Social that the U.S. has “concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves,” and is in the process of choosing a company to lead the partnership.

Trump also said he would meet with a South Korean delegation on Wednesday afternoon, who would bring an offer to “buy down” the 25% tariffs Trump has threatened to impose Aug. 1. Trump has previously pressed others to commit funds to build infrastructure and energy projects in the U.S., including the European Union and Japan.

Trump provided no further detail, but said "a full report" would be released "at the appropriate time."

Comment by Riaz Haq on August 3, 2025 at 6:19pm

Adeel Afzal
@AdeelAfzal06
Pakistan’s Reko Diq project secures $5B in financing offers from global institutions including ADB, IDB, IFC, US Exim Bank, and others, exceeding its $3B requirement. Backed by Barrick Gold and SIFC, the project is expected to generate $2.8B in annual exports and $74B in long-term cash flow.

https://x.com/AdeelAfzal06/status/1951551517439263171

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Donors offer $5b for Reko Diq
ADB, US Exim Bank among lenders offering funds for copper, gold project

https://tribune.com.pk/story/2559222/donors-offer-5b-for-reko-diq

Sources told The Express Tribune that the commitments received from foreign donors were more than the funding requirement for the Reko Diq project, which is estimated at $3 billion.
They said that the donors included the Asian Development Bank (ADB), Islamic Development Bank (IDB), International Finance Corporation (IFC) and US Exim Bank. Development agencies from Germany and Denmark have also offered financing.

According to sources, the financial close of the project is at an advanced stage and Petroleum Minister Ali Pervaiz Malik, backed by the Special Investment Facilitation Council (SIFC), is taking the lead and making aggressive efforts to expedite work, which will pave the way for exploring the entire potential of the mining sector.

It is interesting to note that the US Exim Bank has offered no cap on financing and is ready to provide capital, which Pakistan and other partners desperately need. The Ministry of Petroleum recently organised a webinar in association with the US embassy to woo American investors to participate in mining projects in Pakistan. State-owned exploration giant Oil and Gas Development Company (OGDC) is a key partner in the Reko Diq project and efforts are underway to kick off work. It also helped arrange a mineral conference, which attracted financing offers

Pakistan is blessed with abundant mineral resources that hold immense potential for fuelling economic growth and industrial development. The country’s vast reserves of minerals, including coal, copper, gold, iron ore, chromite and precious stones, provide a solid foundation for the mining sector to thrive and contribute to economic development.
Despite its huge potential, the mineral sector currently contributes around 3.2% to the gross domestic product (GDP), with exports accounting for only 0.1% of the world’s total. However, with increasing exploration, foreign investment and infrastructure improvements, the mining industry is poised for significant expansion.

Pakistan’s mineral-rich landscape covers an outcrop area of approximately 600,000 square kilometres. With 92 known minerals, 52 of which are commercially exploited, Pakistan produces an estimated 68.52 million metric tons of minerals annually. The sector supports over 5,000 operational mines and 50,000 small and medium enterprises (SMEs), providing direct employment to 300,000 workers.

Some of the country’s most notable mineral reserves include the world’s second-largest salt mines, the fifth-largest copper and gold deposits and significant coal reserves. Furthermore, Pakistan holds vast quantities of bauxite, gypsum and precious stones such as ruby, topaz, and emerald, which offer considerable export potential.
Globally, mineral resources play a crucial role in economic development. Many developed countries, including China, Italy, Turkiye, Spain and Brazil, have effectively leveraged their mineral wealth to fuel industrial growth, increase employment and enhance per-capita income.

Pakistan’s mineral sector holds similar promise. With strategic planning and investment, the country can improve trade, generate employment and facilitate infrastructure development, ultimately accelerating economic progress.

The local mining sector is increasingly attracting foreign investment, with global firms eyeing the untapped mineral reserves. The Reko Diq copper and gold project, located in the Chagai district of Balochistan, has the world’s largest untapped copper reserves and stands as a milestone for Pakistan’s mining ambitions.

Comment by Riaz Haq on August 3, 2025 at 6:21pm

Donors offer $5b for Reko Diq
ADB, US Exim Bank among lenders offering funds for copper, gold project

https://tribune.com.pk/story/2559222/donors-offer-5b-for-reko-diq

The project, revived by Canada’s Barrick Gold, is expected to start producing copper and gold by 2028, with an initial investment of $5.5 billion. According to Mark Bristow, CEO of Barrick Gold, which owns a 50% stake in the project, the reserves are expected to generate $74 billion in free cash flow over the next 37 years.

The mine is anticipated to generate $2.8 billion in annual exports, create thousands of jobs and transform the local economy. A planned expansion will increase copper production to 400,000 tonnes and gold output to 500,000 ounces per year, with an additional investment of $3.5 billion

Under an intergovernmental transaction agreement, the federal cabinet has approved the sale of a 15% stake in the Reko Diq project to Saudi Arabia. This underscores the region’s potential as a hub for foreign investment in the mining sector. Saudi Arabian mining company Manara Minerals will acquire the 15% stake, potentially involving an investment of $1 billion.
Logistics for the Reko Diq mine will be managed through a railway track, which is being built in partnership with Pakistan Railways. Railway tracks will essentially entail moving mining supplies to Karachi and eventually exporting copper concentrate and gold.

Comment by Riaz Haq on August 28, 2025 at 10:02am

US Firms Said to Eye Pakistan Oil After Trump’s Reserves Claim

https://finance.yahoo.com/news/us-firms-said-eye-pakistan-053605583...

(Bloomberg) -- America’s most senior envoy in Pakistan has told the South Asian nation that US companies are showing “strong interest” in its oil and gas sector, after President Donald Trump late last month surprised the industry by vaunting “massive” reserves.

Pakistan’s Petroleum Minister Ali Pervaiz Malik met with US Charge d’Affaires Natalie A. Baker last week in Islamabad on strengthening cooperation in the energy sector, according to the ministry. Malik said talks with American companies on a round of bids for exploration blocks were already underway.

“There is a strong and growing interest from US companies in Pakistan’s oil, gas, and minerals sector, in line with the vision of President Trump,” Baker said, according to a ministry statement. The embassy would “actively facilitate direct linkages” between American and Pakistani companies, she added.

The US embassy in Islamabad didn’t immediately elaborate on the comments.

Trump sparked a surge of interest in Pakistan’s energy potential after a social media post in July claimed the country has “massive oil reserves” — a declaration that caught a number of industry veterans by surprise. The comment is at odds with existing estimates and comes against a backdrop of declining foreign investment.

It also coincides with the US president’s trade spat with India. At the same time as Trump was talking up Pakistan’s oil potential, he was ripping New Delhi for buying crude from Russia, threatening economic penalties and souring diplomatic relations. The US president needled India further, suggesting Islamabad could sell oil to its neighbor “some day!”

It’s a “political statement,” said Moin Raza Khan, an energy veteran and former chief executive officer of Pakistan Petroleum Ltd., the country’s second-largest energy explorer. “If Pakistan had massive oil reserves” then so many foreign companies wouldn’t have left, he added.

A White House spokesperson declined to comment beyond Trump’s post.

Pakistani officials like to cite a 2013 estimate from the Energy Information Administration of 9.1 billion barrels of recoverable shale oil, but analyst Iqbal Jawaid at Karachi Arif Habib Ltd. reckons overall reserves are much lower. He puts the figure at closer to about 238 million barrels.

That’s modest at best, when the world’s biggest oil producers, such as Saudi Arabia, Russia and the US, are sitting on billions of recoverable barrels, according to estimates from Rystad Energy. In terms of discoveries, it has been more than a decade since anything notable was found in Pakistan.

The two most recent big finds are now the nation’s two-largest oil-producing fields, said Karachi Arif’s Jawaid. Makori East was discovered in 2011 by a group that includes Hungary’s MOL Group, and Nashpa in 2009 by a venture led by Oil & Gas Development Co., the country’s biggest explorer.

Comment by Riaz Haq on September 9, 2025 at 10:42am

US firm makes a $500 million investment deal with Pakistan for critical minerals | AP News

https://apnews.com/article/pakistan-us-company-signed-deal-minerals...

ISLAMABAD (AP) — A U.S. metals company signed a $500 million investment deal with Pakistan on Monday.

Pakistan’s Frontier Works Organization — which is the country’s largest miner of critical minerals — signed a memorandum of understanding with Missouri-based U.S. Strategic Metals for collaboration plans that include setting up a poly-metallic refinery in Pakistan.

The deal comes after Washington and Islamabad last month reached a trade agreement that Pakistan hoped would attract American investment in its minerals and oil reserves.

U.S. Strategic Metals is focused on producing and recycling critical minerals, which the U.S. Department of Energy has defined as essential in a variety of technologies related to advanced manufacturing and energy production.

A second agreement was signed between the National Logistics Corp of Pakistan and Mota-Engil Group, a Portuguese engineering and construction company.

A statement from Prime Minister Shehbaz Sharif’s office said he held talks with the delegation from U.S. Strategic Metals and Mota-Engil over Pakistan’s copper, gold, rare earths and other mineral resources.

The sides expressed readiness to develop value-added facilities, enhance mineral processing capacity, and undertake large-scale projects tied to mining, the statement said.

“The partnership will begin immediately with the export of readily available minerals from Pakistan, including antimony, copper, gold, tungsten, and rare earth elements,” it added.

The U.S. embassy in Pakistan said in a statement: “This signing is yet another example of the strength of the U.S.-Pakistan bilateral relationship that will benefit both countries.”

Earlier this year, Sharif claimed that Pakistan possesses mineral reserves worth trillions of dollars, and foreign investment in the mineral sector could help the country overcome its prolonged financial crisis and free itself from the burden of massive foreign loans.

Most of Pakistan’s mineral wealth is in the insurgency-hit southwestern Balochistan province, where separatists have opposed the extraction of resources by Pakistani and foreign firms.

In August, the U.S. State Department had designated theBalochistan National Army separatist group and its fighting wing, the Majeed Brigade, as a foreign terrorist organization.

Oil and minerals reserves have also been found in the southern Sindh, eastern Punjab and northwestern Khyber Pakhtunkhwa bordering Afghanistan.

Several companies have already signed agreements with Pakistan in the mining sector. They included the Canadian firm Barrick Gold, which already owns a 50% stake in the Reko Diq gold mine in Balochistan.

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