Reko Diq Mining Company Finalize PIBT for cargo handling
Private Reko Diq Mining Company Limited has opted for Pakistan International Bulk Terminal Limited (PIBT) as the port facility of preference for its concentrate cargo handling during the initial phase of the Reko Diq mining venture.
Private Reko Diq Mining Company Limited
The firm disclosed this development through a filing with the Pakistan Stock Exchange (PSX) on Friday.
Adds the notice, Reko Diq Mining Company (Private) Limited, PIBT said has identified and approached the company as the preferred port to enable it utilize PIBT’s terminal and its infrastructure for handling of its cargo concentrate for the initial phase of the Reko Diq project.
PIBT: Reko Diq Mining Company Finalize PIBT for cargo handling
In the opinion of PIBT, the said development shall continue to remain conditional upon the signing of definitive agreements and regulatory and other requisite clearances from their respective authorities including Port Qasim Authority.
Reko Diq is one of the largest mining and development projects in Chagai District of Balochistan.
Canadian Mining Company: Reko Diq Mining Company Finalize PIBT for cargo handling
The project constitutes one strategic component of Canadian mining company Barrick Gold’s copper portfolio, ranking as one of the world’s largest undeveloped copper-gold projects; it is expected to attract billions of dollars in investment and generate thousands of jobs and significantly boost Pakistan’s export earnings.
The company, 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, Saudi Arabian Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh said the Manara Minerals venture between the Saudi Arabian Mining Company, also known as Ma’aden, and the Public Investment Fund will sign an agreement with Barrick Gold and Pakistan’s State-Owned Enterprises in the following weeks.
Back in August, the Scottish multinational engineering company won a £53 million ($69 million) order of mining equipment for a greenfield copper-gold project at Reko Diq in Pakistan.
Reko Diq Mining Company Finalize PIBT for cargo handling
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