During the first stage of the Reko Diq mining project, Reko Diq Mining Company (Private) Limited has selected Pakistan International Bulk Terminal Limited (PIBT) as its preferred port facility for handling its cargo concentrate.
In its notification to the Pakistan Stock Exchange (PSX) on Friday, PIBT made the announcement.
“In order to use PIBT’s terminal and its buildings for the handling of its cargo concentrate for the initial phase of the Reko Diq project, Reko Diq Mining Company (Private) Limited (Reko Diq) discovered and approached PIBT as the preferred port,” the notification stated.
The development is contingent to the signing of final agreements and regulatory and other essential permissions from the Port Qasim Authority and other relevant authorities, according to PIBT.
The Chagai District of Balochistan is home to the major mining and development project known as the Reko Diq project.
One of the biggest undeveloped copper-gold projects in the world, the project is a key component of Canadian mining firm Barrick Gold’s copper portfolio. It is anticipated to greatly increase Pakistan’s export revenue, draw in billions of dollars in investment, and create thousands of employment.
Barrick owns 50% of Reko Diq, three federal state-owned businesses own 25%, the Province of Balochistan owns 15% of the company fully financed, and the Province of Balochistan owns 10% of the company free carried.
For the Reko Diq greenfield copper-gold mine in Pakistan, the Scottish multinational engineering firm Weir Group obtained a £53 million ($69 million) order for mining equipment back in August.
