Karachi: Pakistan International Bulk Terminal Limited (PIBT) has signed an agreement with Reko Diq Mining Company (Private) Limited to handle the export of copper-gold concentrate from the Reko Diq project, according to a notice issued to the Pakistan Stock Exchange (PSX) on Monday.
In a separate but related development, PIBT has also executed a supplemental implementation agreement with the Port Qasim Authority (PQA). The agreement grants PIBT additional concessions, rights and licences to handle, store and export copper-gold commodities, as well as minerals, metals and other natural earth commodities, on a non-exclusive basis.
“These supplemental concessions enable the company to cater for the handling, storage and export of copper-gold commodities, including minerals and metals,” the company said in its disclosure.
Reko Diq is a large, undeveloped copper and gold deposit located in Balochistan and is regarded as one of the world’s largest mineral resources of its kind. The project is jointly owned by Barrick (50%), three federal state-owned enterprises (25%), and the Government of Balochistan (25%). Of the provincial government’s stake, 15% is fully funded while 10% is held on a free-carried basis.
The Reko Diq project is expected to begin production in 2028 and is anticipated to make a significant contribution to Pakistan’s economy once mining and export operations commence.
The agreement positions PIBT to play a key role in meeting the future logistics and export requirements of the Reko Diq project, one of Pakistan’s largest planned mining developments.
Pakistan International Bulk Terminal Limited was incorporated in 2010 and operates under a Build-Operate-Transfer (BOT) agreement with the Port Qasim Authority for the construction, development, operation and management of the coal and clinker terminal at Port Qasim for a period of 30 years.
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