Reko | Pakistan

Barrick Mining Corp remains committed to its Reko Diq copper mine in Pakistan, one of the world’s largest undeveloped deposits of the metal, its interim CEO said on Tuesday after reports of a possible withdrawal. The $7 billion project in Balochistan is held in an equal partnership between the company and the government and is expected to start production by the end of 2028. Barrick’s board had raised the possibility of splitting the company’s assets, which could include an outright sale of the Reko Diq mine and the company’s African assets, Reuters reported this month, citing sources familiar with the company’s thinking. “Barrick remains committed to the Reko Diq project and to Pakistan,” Mark Hill told Reuters. Security, scale, stake Balochistan suffers frequent attacks by terrorists, making security a major concern for the mine. The project also requires a railway line upgrade to transport copper concentrate to Karachi for processing abroad. Lenders, including the International Finance Corporation and the ...

WASHINGTON: US Exp­ort-Import (Exim) Bank’s chief said the organisation would provide a $1.25 billion loan to Barrick Mining’s Reko Diq mine in Pakistan, as part of a larger plan to invest $100bn to bolster US and allied supply chains for critical minerals, nuclear energy, and natural gas. The first tranche of deals will include projects in Pakistan, Egypt and Europe, the organisation’s chair John Jovanovic told the Financial Times in an interview on Sunday. He added that the West was over-reliant on supplies that “are no longer fair”. “We can’t do anything else that we’re trying to do without these underlying critical raw material supply chains being secure, stable and functioning,” Jovanovic was quoted saying. Jovanovic told FT that the bank has $100bn left to deploy of the $135bn autho­rised by Congress. He said the bank’s early deals would also include a credit insurance guarantee for $4bn of natural gas being delivered to Egypt by New York-based commodities group Hartree Partners. The Exim Bank did not r...

ISLAMABAD - Prime Minister Shehbaz Sharif has highlighted mines and minerals in Pakistan as an important area of mutual interest between Pakistan and Canada and said that Canadian company Barrick Gold’s role in the Reko Diq project would be the harbinger of development in Pakistan and a success story of Pakistan-Canada economic.

The federal government agreed to provide $390 million to the Reko Diq mining project to build rail tracks from mines in Balochistan, according to the Finance Division on Thursday. The decision was taken during a meeting of the Economic Coordination Committee (ECC) in Islamabad, chaired by Finance Minister Muhammad Aurangzeb, according to a press release from the Finance Division. The press release stated that the railways ministry submitted a summary on rail development and bridge financing agreements with the Reko Diq Mining Company, to provide $390m for laying a 1,350-kilometre railway track to transport large volumes of export material from mines in Balochistan. “The ECC approved the proposal and directed the Ministry of Railways to share both agreement documents with the Finance Division for appraisal,” the press release read. “It further instructed the Ministry of Railways and the Ministry of Finance to submit an update to the ECC by March next year on the execution and implementation of the project.” Ad...

ISLAMABAD: After prolonged delays in securing financing from Beijing threatened to put a strain on a strategic mining project, the Asian Development Bank (ADB) has stepped in to fund upgrades to part of Pakistan’s railway system. The ADB is in advanced talks to lead the financing of a $2 billion upgrade of a 500-km stretch of the railway line, which had previously been part of the Chinese project, two sources with direct knowledge of the discussions told Reuters. The proposed rail upgrade would modernise the track and bridges from the com­mercial capital Karachi to Rohri, near Suk­kur, so that trains can run faster. In Rohri, the line will meet a branch coming from the area of the Reko Diq mine and will carry the copper concentrate to port. The upgrade has become urgent, sour­ces said, as it is needed to transport copper ore from the Reko Diq mine currently being developed by Canada’s Barrick Mining Corp. Earlier this week, ADB announced $410 million in financing for the Reko Diq mine itself, and its presiden...

Prime Minister Muhammad Shehbaz Sharif has directed to link Reko Diq with the railway network by 2028 to meet the requirements of future transportation and freight services.

Prime Minister Shehbaz Sharif on Tuesday directed relevant authorities to link the Reko Diq project in Balochistan with the Pakistan Railway’s line network by 2028 to meet the requirements of future transportation and cargo services. In January, Saudi Arabian mining fund Manara Minerals said it was set to buy a 10-20 per cent stake in the Reko Diq copper and gold project in Pakistan for proceeds of about $500 million to $1 billion. In April, the Reko Diq Joint Venture shareholders approved the project’s updated feasibility study and conditionally approved the associated Phase-1 development capital, subject to securing up to $3bn in project financing. While chairing a meeting today, PM Shehbaz issued orders for the formation of an inter-ministerial committee to look after financing matters for upgrading and developing Pakistan Railways. The committee will present recommendations regarding to financing required for Pakistan Railways’ development and its extension to Reko Diq. During the meeting, the prime minis...

The International Finance Corporation will provide financial assistance of 400 million dollars for Reko Diq project.

Minister of State for Petroleum, Ali Pervez Malik, on Thursday shared key details about the Reko Diq gold and copper mining project during a National Assembly session, revealing timelines, production targets, and financial benefits for Balochistan.

The financial closure of the Reko Diq copper-gold mining project is expected next month, with major international institutions likely to be part of the deal, sources revealed on Tuesday.