Comment by Riaz Haq on July 19, 2025 at 5:04pm

Reko Diq pays $28 million to Balochistan in taxes

https://dailytimes.com.pk/1338235/reko-diq-pays-28-million-to-baloc...

Communications Manager Samia Ali Shah stated that by June 2025, RDMC paid $17.5 million in royalties, around $3.8 million in taxes collected from employees and partners, and $7.2 million toward social development programs. These payments highlight the project's ongoing commitment to the province's growth.

She clarified that the Balochistan government holds a 25% stake in the project. However, it has not made any direct investment so far. The project operates under a 50-50 partnership between the federal government of Pakistan and RDMC.
The briefing also shed light on the company's efforts to develop the local workforce. RDMC has taken steps to train youth from the region to help them gain technical skills and career opportunities in the mining sector.

Several young trainees, recently returned from Argentina after completing 18 months of technical training, were present at the event. According to Samia, 14% of these trainees were women, marking a notable push for gender inclusion in the mining workforce.

She added that this project holds long-term benefits for the region and is designed to uplift communities, build skilled human resources, and ensure sustainable economic development in Balochistan.

Comment by Riaz Haq on July 19, 2025 at 5:17pm

‘Generational benefits’ from Reko Diq mines will uplift conflict-hit Balochistan — Barrick CEO

https://www.arabnews.com/node/2608119/pakistan


“Reko Diq is not just a mining project; it is a multi-generational opportunity that promises sustained economic and social development for local communities for decades to come,” Barrick CEO Mark Bristow said in a statement on Monday released after he visited Humai, the closest village to the project site in District Chagai.

Bristow met local elders and development committee members, reaffirming the company’s goal to invest in job creation, skills training, education, and health care for Baloch communities.

“We are creating job opportunities not only through RDMC but also through our large network of partner and supplier companies that are coming onboard to support this major development,” Bristow said. “Currently, 75 percent of our workforce is from Balochistan — the majority from District Chagai — and we aim to continue strengthening this local representation.”

Bristow also highlighted recent investments in health care, including a new Mother and Child Health Center in Humai that offers maternal care services — the first such facility of its kind in the area.

“No meaningful development of this world-class mineral resource can happen without the active involvement and support of the people who live here,” he said.

Humai village chief Liaqat Malik and Par-e-Koh Community Development Committee Chairman Taj Muhammad thanked Bristow and RDMC for their engagement and development work, pledging continued community support for the project, according to the Barrick statement.

The Reko Diq project is expected to begin production by 2028 and generate thousands of jobs while significantly boosting Pakistan’s export revenues. The Pakistani government has said it will ensure environmental protections and fair distribution of project benefits, though watchdog groups continue to call for greater transparency and community participation in oversight.

Comment by Riaz Haq on July 21, 2025 at 4:55pm

Uzair Younus عُزیر یُونس
@UzairYounus
🇵🇰's Reko Diq mine now has:

🇨🇦 operator
🇫🇮 power provider
🇯🇵 equipment made by 🇺🇸 workers
🇺🇸-led institutions like the IFC and WB funding

As it scales, the project can truly change the country's FDI environment.

https://www.komatsu.jp/en/newsroom/2025/20250625

https://x.com/UzairYounus/status/1947304448394407997

Comment by Riaz Haq on September 11, 2025 at 8:12pm

Reko Diq project cost rises to $7.7bn, rail link financing planned - Profit by Pakistan Today

https://profit.pakistantoday.com.pk/2025/09/10/reko-diq-project-cos...


Revised $7.7bn plan includes $350m rail link loan for Port Qasim access, with mining to start in 2025 and full production by 2028, positioning Reko Diq as Pakistan’s biggest mineral venture.

ISLAMABAD: The cost of Pakistan’s flagship Reko Diq gold and copper mining project has increased by $1 billion to $7.7 billion following approvals by the boards of Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), and Government Holdings Private Limited (GHPL).

The approvals were granted during the companies’ annual general meetings on Wednesday, where shareholders endorsed the revised financial plan. The rise from the earlier $6.7 billion estimate reflects surging global construction costs, lingering supply chain challenges, and additional infrastructure requirements in Balochistan’s rugged terrain. Despite the escalation, stakeholders reaffirmed their commitment to the project, calling it vital for Pakistan’s mineral sector and foreign exchange earnings.

A source privy to the development confirmed the revised figure but noted that the $7.7bn includes contingencies that may not fully materialise, adding that the actual cost could remain closer to $7bn.

The meetings also discussed a financing arrangement through the Reko Diq Mining Company (RDMC) to provide $350 million to Pakistan Railways for the construction of a dedicated railway line connecting the mine to Port Qasim. The funding, to be extended as a loan under a sovereign guarantee from the federal government, will form part of the Main Line-III (ML-3) project. Pakistan Railways would be required to complete the railway track within three years to ensure timely mineral transport.

Mining activity at Reko Diq is scheduled to begin before the end of 2025, with commercial production expected by 2028. Over its projected lifespan, the project is anticipated to generate about $90 billion in revenues, making it one of the most significant mining ventures in Pakistan’s history.


Industry sources said the simultaneous approval of the revised financial plan and the commitment to rail financing marked an important milestone in moving the long-delayed project towards execution. They added that the railway link would address a critical logistical challenge while reducing immediate fiscal pressure on the federal government.

Comment by Riaz Haq on October 17, 2025 at 2:29pm

Japan Bank for International Cooperation commits to joining Reko Diq lender group - Profit by Pakistan Today

https://profit.pakistantoday.com.pk/2025/10/17/japan-bank-for-inter...


Japan Bank for International Cooperation (JBIC) has formally committed to joining the Reko Diq lender group, a move that Pakistan’s Finance Minister Muhammad Aurangzeb praised during his meeting with JBIC Governor Nobumitsu Hayashi in Washington D.C, the Ministry of Finance said in a statement.

Finance Minister Muhammad Aurangzeb held a series of high-level meetings in Washington D.C. to strengthen international and regional economic ties. During a meeting with Japan Bank for International Cooperation (JBIC) Governor Nobumitsu Hayashi, Minister Aurangzeb praised JBIC’s commitment to joining the Reko Diq lender group, emphasizing that this move would positively impact Japanese businesses looking to invest in Pakistan.

The finance minister also welcomed the recent Staff Level Agreement (SLA) with the International Monetary Fund (IMF), which he described as external validation of Pakistan’s economic reform agenda. He added that international rating upgrades further affirmed the government’s commitment to reform.

Comment by Riaz Haq on October 19, 2025 at 8:37pm

Reko Diq copper project to generate $2.8b in exports in first-year: FinMin

https://dunyanews.tv/en/Business/912937-reko-diq-copper-project-to-...

WASHINGTON, DC (Web Desk) - Pakistan’s mining sector is poised for major expansion, with Finance Minister Muhammad Aurangzeb projecting that the first year of commercial operations at the Reko Diq copper and gold project could generate $2.8 billion in copper exports, a 10 per cent increase in the country’s overall export base.

Speaking to the media at the conclusion of his weeklong US visit for the IMF–World Bank Annual Meetings in Washington, Aurangzeb said the project is only the beginning, with additional mines and concessions expected to come online in the coming years.

“This is just the start because there are other mines and concessions coming through,” he said.

Aurangzeb highlighted that the Reko Diq project is attracting US investment, with the International Finance Corporation (IFC) leading the syndication and US EXIM Bank expected to participate once the US government shutdown concludes.

Islamabad’s long-term vision includes smelting and value addition, which will enhance Pakistan’s industrial output.

“That’s not going to happen overnight, but where we are headed has huge upside for Pakistan,” he said.

Comment by Riaz Haq on November 4, 2025 at 9:37am

$636b worth of gold reserves found in Tarbela

https://tribune.com.pk/story/2575731/636b-worth-of-gold-reserves-fo...

KARACHI:
Gold reserves worth $636 billion have been discovered at Tarbela. This revelation was made by Hanif Gohar, Chairman of Air Karachi and former senior vice president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), during a conversation at the Karachi Press Club on Monday.

He said that the gold reserves found in Tarbela were sufficient to pay off the country's foreign debt and the matter had already been brought to the attention of the Special Investment Facilitation Council (SIFC) and the State Bank of Pakistan (SBP) governor.

Gohar stated that contact had been established with Australian and Canadian drilling companies for the exploration of the reserves. "As soon as we receive directives from the prime minister, the process of extracting gold from Tarbela's soil will begin," he said.

Speaking about Air Karachi, Gohar announced that the airline's domestic operations would commence on March 23, 2026. The airline will initially have a fleet of three to five Airbus aircraft.

He said international flights would begin after a year of successful domestic operations. Gohar disclosed that Hyderabad's first four-star hotel was being built on five acres. He stressed that Pakistan could not cut its budget deficit without developing the construction sector, noting that work in Karachi continued despite a poorly functioning system.

Comment by Riaz Haq on November 9, 2025 at 6:04pm

Japan to invest $300 mn in Pakistan's copper mine amid supply crunch | World News - Business Standard

Situated in Pakistan's Balochistan province, the Reko Diq copper-gold mine is poised to become one of the world's five largest copper reserves, drawing Japanese financing and industrial support

https://www.business-standard.com/world-news/japan-investment-pakis...

The Japan Bank for International Cooperation (JBIC) and several other Japanese entities are preparing to invest in Pakistan’s Reko Diq copper mine project, signalling Tokyo’s growing interest in securing supplies of critical minerals likely to face shortages in the years ahead, Nikkei Asia reported.

JBIC plans $300 million loan for Reko Diq project

Pakistan’s Finance Minister Muhammad Aurangzeb met JBIC Governor Nobumitsu Hayashi in Washington last month and “welcomed JBIC’s formal commitment to join the Reko Diq lender group”.

Aurangzeb said the move would strengthen investor confidence and encourage Japanese businesses to expand their footprint in Pakistan. JBIC intends to commit around $300 million to the project, with the loan agreement expected to be finalised by early next year.

Located in Pakistan’s southwestern Balochistan province, the Reko Diq copper-gold mine is expected to rank as the world’s fifth-largest copper deposit. According to an April report by consultancy firm Digby Wells, the project will be developed in two phases, each designed to process 45 million metric tonnes of ore annually and produce 800,000 tonnes of copper concentrate with a copper grade between 26 per cent and 30 per cent.

Mining operations are scheduled to begin in 2028 and are projected to continue for 38 years.

Japanese companies expand mining partnerships

JBIC is not the only Japanese entity showing interest in Reko Diq. Komatsu, a leading mining equipment manufacturer, signed a $440 million agreement earlier this year to supply heavy machinery for the project. The company also plans to establish a unit in Karachi and deploy experts from Japan and other countries.

Japan’s involvement extends through the Asian Development Bank (ADB), where Japan and the US each hold a 15.5 per cent stake, making them the largest shareholders. All ADB presidents to date have been Japanese nationals. In August, the ADB approved loans worth $300 million and extended a $110 million credit guarantee for the Reko Diq project.

Copper’s strategic role in the energy transition

Copper is critical to global industries, powering renewable energy infrastructure, electric vehicles, batteries, smartphones and data centres. However, the International Energy Agency (IEA) warned in a May report that copper and lithium face major shortfalls, with mined supply from announced projects expected to lag far behind projected demand by 2035.

With global copper shortages looming, Japan’s rising investment in Reko Diq underscores its strategy to secure long-term access to critical resources, while enhancing Pakistan’s potential as a key supplier to global export markets.

Comment by Riaz Haq on June 4, 2026 at 7:17pm

Reko Diq project remains on track: #Barrick. Chairman of Barrick Gold visited #Pakistan recently and emphasized that the company would push ahead with the #mineral exploration project. #copper #gold #Balochistan #investment #mining

https://tribune.com.pk/story/2611332/reko-diq-project-remains-on-tr...

ISLAMABAD:
While dismissing the perception of backing out of a multibillion-dollar gold and copper project, Canadian firm Barrick Gold has assured Pakistan that it will continue development work despite the regional conflict.
Earlier, Barrick had stated that it would review the Reko Diq project, located in the Chagai district of Balochistan, in the wake of security conditions following the Middle East war.
According to sources, the chairman of Barrick Gold visited Pakistan recently, where he emphasised that the company would push ahead with the mineral exploration project.
Sources revealed that representatives of the company also arrived for an official trip focused on evaluating the security protocols and procurement strategies. The delegation aims to acquire state-of-the-art equipment and engage in talks regarding expansion of the company's lending and credit frameworks.
The managing director of Oil and Gas Development Company Limited (OGDCL) has also held talks with Barrick executives. Ahmed Hayat Lak, MD OGDCL, stated that a foreign delegation had landed to review the security arrangements. Under an agreement, the review will determine whether the security needs to be enhanced and how much additional financing may be required.
He said that law enforcement agencies were busy taking measures to ensure seamless execution of the project, adding that both sides also discussed the procurement of necessary equipment through a competitive bidding process.
Addressing concerns about the mining project's financial backers, the MD noted that during a recent meeting in Canada, the lenders expressed satisfaction with the existing protocols, having already conducted their own security assessments prior to financing. He revealed that more lenders had shown keen interest in joining the mining venture.

An official of the Petroleum Division said that Federal Minister for Petroleum Ali Pervaiz Malik had presented an integrated energy plan to the prime minister. Pakistan has offered oil-producing countries that they can build energy reserves, can export oil from the deposits and can also utilise in Pakistan.
The ministry official pointed out that 400 million cubic feet per day (mmcfd) of liquefied natural gas (LNG) had returned to the system, which had earlier been curtailed due to surplus imports.
He acknowledged that the deregulation of petroleum product prices was necessary to create a free and competitive market environment, but final decision would be taken by the head of the government.
He underscored that work on the Iran-Pakistan gas pipeline had stalled because the matter was under arbitration in an international court due to sanctions-related issues. "Work is continuing on the project, but international companies have security concerns, which are being addressed in coordination with the relevant institutions."
He emphasised that the country should have strategic oil reserves and in that regard the existing policy was being reviewed so that any emergency situation could be dealt with effectively.
The studies conducted on building the strategic reserves are already available with the government. "We have to ensure energy security," he said, adding that he had also briefed the prime minister on the matter.
The ministry official stressed that ensuring energy security required proper energy architecture, which was not a simple or easy task. He noted that commercial fuel reserves were available at refineries and oil marketing companies.

Comment by Riaz Haq 6 hours ago

$390m Reko Diq bridge loan for ML-3 - Newspaper - DAWN.COM

https://www.dawn.com/news/2011499

• 996-km project will upgrade Rohri-Sibi-Quetta-Koh-i-Taftan rail line to support transportation from Reko Diq copper and gold project
• Officials say upgraded corridor will boost mineral exports, strengthen regional connectivity with Iran and Turkiye, improve access to Gwadar Port

ISLAMABAD: Owing to financial constraints, Pakistan Railways’ 996-kilometre Main Line-3 (ML-3) project covering the Rohri-Sibi-Quetta-Koh-i-Taftan section, estimated to cost about Rs280 billion, will be financed through a special $390 million (over Rs112bn) bridge loan from Reko Diq Mining Company (RDMC), repayable in a lump-sum (bullet) payment within two years.

The financing arrangement, its foreign exchange exposure, and the project’s security costs — estimated at around Rs46.38bn, or nearly 17 per cent of the total cost — have come under scrutiny by the Planning Commission. The commission has also raised concerns over inadequate planning for post-completion security.

The $892 million ML-3 upgrade is primarily intended to support transportation linked to the multi-billion-dollar Reko Diq copper and gold project. RDMC is a joint venture in which Canada’s Barrick Gold Corporation holds a 50pc stake, while the remaining 50pc is equally owned by the Balochistan government and three federal state-owned entities — OGDCL, PPL and GHPL.

—————

According to Pakistan Railways, the Rs278.62 billion project will ultimately be financed through the PSDP, with interim funding provided through RDMC and the federal government. The project includes track renewal, rehabilitation of embankments and bridges, replacement of turnouts, and construction of 11 new railway stations between Spezand and Taftan.

Implementation has been divided into two phases. Phase-I (2026-2030), estimated at $585 million, will focus on critical infrastructure works, while the remaining priority works will be completed during Phase-II (2031-2033) at an estimated cost of $145 million. Security arrangements during construction alone are expected to cost about $162 million.

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