AGL 40.40 Increased By ▲ 0.20 (0.5%)
AIRLINK 129.25 Increased By ▲ 0.14 (0.11%)
BOP 6.81 Increased By ▲ 0.21 (3.18%)
CNERGY 4.13 Increased By ▲ 0.10 (2.48%)
DCL 8.73 Increased By ▲ 0.28 (3.31%)
DFML 41.40 Increased By ▲ 0.15 (0.36%)
DGKC 87.75 Increased By ▲ 0.75 (0.86%)
FCCL 33.85 Increased By ▲ 0.50 (1.5%)
FFBL 66.40 Increased By ▲ 0.50 (0.76%)
FFL 10.69 Increased By ▲ 0.15 (1.42%)
HUBC 113.51 Increased By ▲ 2.81 (2.54%)
HUMNL 15.65 Increased By ▲ 0.42 (2.76%)
KEL 4.87 Increased By ▲ 0.09 (1.88%)
KOSM 7.62 Decreased By ▼ -0.21 (-2.68%)
MLCF 43.10 Increased By ▲ 1.20 (2.86%)
NBP 61.50 Increased By ▲ 1.00 (1.65%)
OGDC 192.20 Increased By ▲ 9.40 (5.14%)
PAEL 27.05 Increased By ▲ 1.69 (6.66%)
PIBTL 7.26 Increased By ▲ 1.00 (15.97%)
PPL 150.50 Increased By ▲ 2.69 (1.82%)
PRL 24.96 Increased By ▲ 0.40 (1.63%)
PTC 16.25 Increased By ▲ 0.01 (0.06%)
SEARL 71.30 Increased By ▲ 0.80 (1.13%)
TELE 7.25 Decreased By ▼ -0.05 (-0.68%)
TOMCL 36.29 Decreased By ▼ -0.01 (-0.03%)
TPLP 8.05 Increased By ▲ 0.20 (2.55%)
TREET 16.30 Increased By ▲ 1.00 (6.54%)
TRG 51.56 Decreased By ▼ -0.14 (-0.27%)
UNITY 27.35 No Change ▼ 0.00 (0%)
WTL 1.27 Increased By ▲ 0.04 (3.25%)
BR100 9,967 Increased By 125.2 (1.27%)
BR30 30,751 Increased By 714.7 (2.38%)
KSE100 93,350 Increased By 829.3 (0.9%)
KSE30 29,055 Increased By 268.2 (0.93%)

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.

Comments

200 characters