ISLAMABAD:

Petroleum Minister Ali Pervaiz Malik said on Thursday that the Reko Diq Mining Company was very near to achieve financial close with $3.5 billion loans lined up, as the company's local executive vowed to complete the $7 billion first phase of the project in the next three years.

The Reko Diq Mining Company is very close to achieving the financial close and raising $3.5 billion in debt, said Malik while speaking about prospects of Pakistan's mining sector during a seminar organised by the Pakistan Business Council (PBC).

The minister's statement came days after the US Export-Import (Exim) Bank board approved a $1.25 billion loan for the Reko Diq mine, as part of the US Congress's larger plan to invest $100 billion to secure global mineral supplies.

The total cost of the proje

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