Islamabad, Nov 8: Reko Diq Partners with PIBTL for Mining Cargo Handling
Reko Diq Mining Company (Private) Limited has recently chosen Pakistan International Bulk Terminal Limited (PIBT) as its preferred port facility for handling cargo concentrate during the initial phase of the Reko Diq mining project.
This strategic decision, announced through a notice to the Pakistan Stock Exchange (PSX), marks a significant milestone in the development of one of the largest undeveloped copper-gold mining projects in the world.
The Reko Diq mining project, located in the Chagai District of Balochistan, is a joint venture between Barrick Gold, Pakistan’s federal state-owned enterprises, and the province of Balochistan.
Reko Diq
The project is set to contribute significantly to Pakistan’s economy, attracting billions of dollars in investment and generating thousands of jobs.
It is expected to enhance Pakistan’s export earnings and provide a substantial boost to its mining sector.
PIBT’s infrastructure will play a crucial role in enabling Reko to handle and export its cargo concentrate during the project’s initial phase.
The development is contingent on finalizing definitive agreements, obtaining regulatory approvals, and securing necessary permits from authorities such as the Port Qasim Authority.
This collaboration will ensure smooth logistics for the movement of materials vital to the mining process.
Reko Diq is owned 50% by Barrick Gold, with the remaining stakes held by Pakistan’s federal state-owned enterprises and the provincial government of Baluchistan.
The project is poised to become a cornerstone of Pakistan’s mining industry, bringing economic growth and stability to the region.
Furthermore, recent developments indicate growing international interest in the Reko project.
Additionally, the Weir Group, a leading Scottish multinational engineering company, secured a significant £53 million ($69 million) order for mining equipment related to the Reko Diq project, further underscoring the international investment and interest in this major development.
In summary, the collaboration between Reko Diq Mining Company and PIBT highlights a crucial step forward for Pakistan’s mining sector, and the project’s potential to drive economic growth is immense.
The involvement of global players and substantial investments ensures that the Reko Diq project will be a game-changer for both the region and the nation as a whole.
