Comment by Riaz Haq on September 11, 2025 at 8:13pm

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 February 9, 2026 at 4:26pm

Chinese companies and major Pakistani business groups have secured mining leases for #copper, #gold, and other minerals in #Pakistan’s southwest, expanding activity beyond #Canada’s Barrick Mining Corporation and signalling broader development of the sector, The Express Tribune reported, citing a senior port executive involved in export planning.

Sharique Azim Siddiqui, chief executive officer of Pakistan International Bulk Terminal Limited (PIBTL), said the terminal has been contracted to export minerals worth more than $5 billion in phases from the #RekoDiq project, with additional mining ventures emerging across the mineral-rich belt of #Balochistan.

He said Chinese firms and large Pakistani business houses have acquired mining leases in the region, while Reko Diq remains the most advanced project.

Last week, Reko Diq Mining Company, a subsidiary of Barrick, signed a port access agreement with PIBT to export copper and gold concentrate through Pakistan’s first dirty bulk cargo terminal at #PortQasim starting in 2028


https://profit.pakistantoday.com.pk/2026/02/07/chinese-firms-pakist...


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Pakistan is aggressively exploring untapped mineral reserves estimated at over \(\$6\) trillion, focusing on critical minerals like lithium, cobalt, nickel, and rare earths. With Saudi Arabia and China investing in mining leases and infrastructure, the country aims to transform into a key global supplier for clean energy and technology sectors. Key areas and developments "Beyond Reko Diq" include: Mineral Diversity: Significant deposits of chromium, manganese, zinc, antimony, and rare earth elements are attracting investment for applications in electric vehicles, batteries, and defense technologies.Geographical Focus: While Reko Diq is in Balochistan, broader, accelerated exploration is occurring across Pakistan, specifically aiming at under-surveyed regions to unlock diverse mineral wealth.Infrastructure & Investment: The World Bank is involved in financing infrastructure to support these projects, with \(2\) billion annual investments aimed at enhancing mining logistics and, for example, revamping the coal terminal in Port Qasim for exporting, as highlighted by Reuters and Bhaskar English.Strategic Partnerships: The sector is shifting toward joint ventures with international partners, including Gulf countries and Chinese firms. Despite the potential, the mining sector faces challenges from a precarious security situation in mineral-rich areas, according to The Times of India. 

Comment by Riaz Haq on June 4, 2026 at 7:18pm

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.

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