Reko Diq wins $1.3bn US EXIM credit amid metals rally
IEA figures show a 622% tungsten rally through April 2026, while Pakistan still exports concentrate and imports finished metal despite new Reko Diq financing.
The IEA recorded a 622% tungsten price rise from January 2025 to April 2026, with other critical metals also climbing sharply.
China dominates tungsten mining and refining; the agency put its share of refined key energy minerals near 70% last year.
Reko Diq in Chagai secured $1.3 billion from the US Export-Import Bank in February under Project Vault; first output is aimed for 2028.
Mining has stayed near 2–3% of GDP for about 25 years and was 2.1% in FY26 after four years of decline.
Analysts argue Pakistan needs onshore smelting, bankable reserve standards, and stronger security before financing alone lifts local value.