Reko Diq’s $1.3bn loan leaves processing gap unfilled

The tungsten price surge since early 2025 highlights how little Pakistan earns from mining without onshore smelting, refining and alloying capacity.

IEA data show tungsten up 622% from January 2025 to April 2026, with other critical metals also rising sharply.

Chinese export controls and concentrated refining, not geology alone, are driving the tungsten market move.

Reko Diq secured $1.3 billion from the US Export-Import Bank, yet Pakistan still lacks domestic metallurgical processing.

Mining stays near 2% of GDP; Pakistan often exports concentrate and imports finished metal and scrap.

Security, fragmented regulation and weak reserve-reporting standards still deter bankable investment.

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