Biafo Industries Limited (BIFO), a Pakistani explosives manufacturer, has inked a contract with the Reko Diq Mining Company (Private) Limited (RDMC) to provide blasting services.

The listed company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.

“We are pleased to inform you that the company has signed a contract with the Reko Diq Mining Company (Private) Limited (RDMC) for blasting services (civil).

“This is a contract for supply of explosives and related civil blasting services for the pre-mining initial infrastructure development at the Reko Diq mining site,” read the notice.

BIFO started its commercial production on 01 July 1994 and is principally engaged in the manufacturing of commercial explosives and blasting accessories including detonators and other materials.

Reko Diq Mine is 50% owned by Canadian miner Barrack Gold, 25% by three federal state-owned enterprises (GHCL, OGDCL and PPL), 15% by Balochistan Government on a fully-funded basis and 10% by Balochistan on a free-carried basis.

Meanwhile, Saudi Arabia’s Manara Minerals Investment Co. backed by the SSF (Saudi Sovereign Fund) has shown an interest in acquiring $1 billion shares in Reko Diq controlled by Barrick Gold Corporation.

Last week, Barrick Gold said that the overall proven and probable gold reserves jumped 23% to 17.4 million ounces at the end of 2024, lifted by its Reko Diq copper-gold project.

The company added 13 million ounces of gold to its probable reserves on an attributable basis following the completion of its feasibility study at Reko Diq.

Barrick considers the mine as one of the world’s largest underdeveloped copper-gold areas, with production expected to start by the end of 2028.