Karachi November 8 2024: Reko Diq Mining Company (Private) Limited 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.
Share price of PIBTL gain PKR 1 or 15.97 percent at Pakistan Stock Exchange after the announcement.
This arrangement is subject to the execution of definitive agreements and regulatory and other necessary approvals from the relevant authorities including the Port Qasim Authority.
One of the largest undeveloped copper-gold projects in the world, Reko Diq is owned 50% by Barrick, 25% by three federal state-owned enterprises, 25% by the Government of Balochistan of which 15% is on a fully funded basis and 10% is on a free carried basis.
Reko Diq is nestled in the Chagai district of Balochistan, the largest district by area, with close proximity to the Afghanistan and Iran borders.
Barrick is now updating the project’s 2010 feasibility and 2011 feasibility expansion studies with 2028 targeted for first production.
