Chinese companies and major Pakistani business groups have secured mining leases for copper, gold, and other minerals in Pakistan’s southwest, expanding activity beyond Canada’s Barrick Mining Corporation and signaling broader development of the sector.
Sharique Azim Siddiqui, CEO of Pakistan International Bulk Terminal Limited (PIBTL), said the terminal has been contracted to export minerals worth more than USD5 billion annually in phases from the Reko Diq project, with additional mining ventures emerging across Balochistan’s mineral-rich belt. He added that while Reko Diq remains the most advanced project, several Chinese and Pakistani firms are now active in the region.
Last week, Reko Diq Mining Company, a Barrick subsidiary, signed a port access agreement with PIBT to export copper and gold concentrate through Pakistan’s first dirty bulk cargo terminal at Port Qasim, starting in 2028. Located in Balochistan’s Chagai district, Reko Diq is among the world’s largest undeveloped copper-gold deposits, with Barrick holding a 50% stake and the federal and provincial governments each holding 25%.
Siddiqui said the mine is expected to begin operations by 2028–29, with annual concentrate exports projected between 800,000 and one million tonnes. Exports from the first phase are estimated at $2.7 billion per year and are expected to rise to USD5 billion following expansion, making the project a major contributor to Pakistan’s export earnings.
Under the agreement, RDMC will invest USD150 million to develop dedicated storage and handling facilities at the terminal as part of the project’s broader USD7.7 billion investment. Construction of these port-side facilities is expected to begin within two months. PIBT, which started operations in 2017, was developed with USD305 million in investment, including financing from the International Finance Corporation, and is listed on the Pakistan Stock Exchange.
Siddiqui said PIBT is also in discussions with exporters of barite, rock phosphate, iron ore, and sand, noting that Reko Diq shipments are expected to set a benchmark for future mineral exports. He added that the terminal remains open to partnerships with Gulf investors, particularly from the UAE, and that cargo security would be ensured despite ongoing concerns in Balochistan, with the government committed to safeguarding the movement of mineral exports.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
