Reko Diq Mining Company approaches PIBT for cargo handling

Reko Diq Mining Company (Private) Limited has chosen Pakistan International Bulk Terminal Limited (PIBT) as the preferred port facility for handling its cargo concentrate during the initial phase of the Reko Diq mining project.

PIBT announced the development in its notice to the Pakistan Stock Exchange (PSX) on Friday.

“Reko Diq Mining Company (Private) Limited (Reko Diq) has identified and approached PIBT as the preferred port to enable it to utilise PIBT’s terminal and its infrastructure for the handling of its cargo concentrate for the initial phase of the Reko Diq project,” read the notice.

PIBT stated that the development is subject to the execution of definitive agreements and regulatory and other necessary approvals from the relevant authorities including the Port Qasim Authority.

Reko Diq project is a significant mining and development initiative located in the Chagai District of Balochistan.

The project is a strategic part of Canadian mining company Barrick Gold’s copper portfolio and represents one of the largest undeveloped copper-gold projects in the world. It is expected to attract billions of dollars in investment and generate thousands of jobs and significantly boost Pakistan’s export earnings.

Reko Diq is owned 50% by Barrick, 25% by three federal state-owned enterprises, 15% by the Province of Balochistan on a fully funded basis and 10% by the Province of Balochistan on a free carried basis.

Last month, Minister for Investment of the Kingdom of Saudi Arabia, Sheikh Khalid Bin Abdul Aziz Al Faleh, said Saudi Arabia’s Manara Minerals, a new venture between the Saudi Arabian Mining Company (Ma’aden) and the Public Investment Fund (PIF), will sign a deal with Barrick Gold and Pakistan’s State-Owned Enterprises (SOEs) in the coming few weeks.

Back in August, the Weir Group, a Scottish multinational engineering company, secured a £53 million ($69 million) order for mining equipment for the Reko Diq greenfield copper-gold project in Pakistan.