KARACHI: Chinese and Pakistani companies are joining forces with Canada's Barrick Mining Corporation in a significant expansion of mining activities in Pakistan's Balochistan province, with plans to export copper, gold, and other minerals from the Reko Diq project, according to a senior port executive involved in export planning.
According to Pakistan International Bulk Terminal Limited, led by CEO Sharique Azim Siddiqui, the company has been contracted to export minerals worth over $5 billion in phases from the Reko Diq project. The project, located in the mineral-rich Chagai district of Balochistan, is one of the largest undeveloped copper-gold deposits globally, with Barrick holding a 50 percent stake and the Pakistani federal and Balochistan governments each owning 25 percent.
Siddiqui highlighted that exports from the first phase are anticipated to reach $2.7 billion annually, with the potential to rise to approximately $5 billion following expansion. This is seen as a critical contribution to Pakistan's economy, where exports have struggled to grow significantly.
The Reko Diq Mining Company, a Barrick subsidiary, recently signed an agreement with PIBT to utilize Pakistan's first dirty bulk cargo handling terminal at Port Qasim, with large-scale exports expected to commence by 2028. This partnership includes a $150 million investment by RDMC to enhance storage and handling facilities at the terminal, raising the project's total investment to $7.7 billion.
PIBT, operational since 2017, currently handles significant coal imports and aims to become a major export terminal, with Reko Diq setting the benchmark for future mineral exports. The terminal is exploring partnerships with other mineral exporters and Gulf investors, while addressing security concerns in the region. Despite ongoing security challenges, particularly in Balochistan, Siddiqui expressed optimism about ensuring safe cargo movement and positioning Pakistan as a transit hub for Central Asian states.
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