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.

Comment by Riaz Haq 5 hours ago

Balochistan Holds the Minerals the World Needs—But Is the Province Ready?
By Syeda Anisa Abuzar Naqvi

https://balochistanpulse.com/balochistan-critical-minerals-race-rek...



For decades, Balochistan has been described as a province rich in natural resources but poor in development outcomes. That contradiction may now be entering a new and consequential phase.

As the global economy races toward electric vehicles, renewable energy, batteries and advanced technologies, minerals such as copper and lithium have acquired strategic importance. Gold remains a major financial and industrial commodity. Balochistan possesses significant mineral potential, and projects such as Reko Diq have already placed the province on the global mining map.

The question, therefore, is no longer simply whether Balochistan has minerals.The more important question is whether the Government of Balochistan is institutionally, economically and environmentally prepared for the critical-minerals race.

The stakes are enormous.

Why Critical Minerals Matter in the Global Economy

Copper is indispensable to electrification. Electric vehicles require substantially more copper than conventional vehicles, while power grids, renewable-energy systems and data infrastructure all depend heavily on the metal. Lithium is a key component of most commercial rechargeable batteries. Gold, meanwhile, remains important not only for jewellery and investment but also for electronics and other industrial applications.

This growing global demand creates an opportunity for resource-rich countries. But mineral deposits do not automatically translate into prosperity.

The experience of resource-rich developing economies shows that extraction can produce government revenue and employment while leaving local communities with limited economic transformation if value chains remain concentrated outside the producing region.Balochistan cannot afford that outcome.

Reko Diq and Balochistan’s Economic Future

The Reko Diq copper-gold project is central to this discussion. The project, located in Chagai district, is being developed by Barrick Mining Corporation in partnership with Pakistan and Balochistan. The agreement restructuring the project gave the province a direct 25 percent share, while another 25 percent is held by the federal government through state-owned entities and Barrick holds 50 percent.

For Pakistan and its Province Balochistan, this is not simply a mining project. It is a test of whether mineral wealth can be converted into long-term public value.

The potential economic scale is substantial. Barrick has described Reko Diq as one of the world’s largest undeveloped copper-gold deposits. The company has projected first production from the project later this decade, subject to construction and other conditions.

But the size of a deposit should not be confused with the size of the benefit reaching ordinary citizens.

A mine can generate billions of dollars in investment while producing relatively few permanent jobs compared with the population of a province. That is why the real development opportunity lies beyond extraction.

Balochistan needs a mineral-development strategy that asks a more ambitious question: what can be built around the mine?

Can local companies supply equipment, transport, engineering, catering, construction and maintenance services? Can technical institutes train Balochistan’s young people for skilled mining jobs? Can universities develop programmes in geology, metallurgy, environmental science and mining engineering? Can downstream processing eventually take place inside Pakistan rather than exporting ore or concentrates with limited local value addition?

These questions matter because the critical-minerals race is becoming increasingly competitive.

Comment by Riaz Haq 5 hours ago

Balochistan Holds the Minerals the World Needs—But Is the Province Ready?
By Syeda Anisa Abuzar Naqvi

https://balochistanpulse.com/balochistan-critical-minerals-race-rek...


Governments across the world are seeking secure supplies of minerals needed for the energy transition. The United States, European Union, China, Australia, Canada and other major economies are investing in supply chains, processing capacity and strategic mineral partnerships.

Countries that possess mineral resources but lack infrastructure, technology and predictable regulation risk remaining suppliers of raw materials rather than becoming participants in higher-value industries.Balochistan should learn from that global shift.

Lithium Potential Requires Scientific Verification

Lithium deserves particular caution. There is considerable public discussion about lithium potential in Pakistan, including claims concerning Balochistan, but confirmed commercial reserves and economically viable deposits must be distinguished from geological indications or exploration targets. Responsible policy cannot be built on social-media claims or speculative reserve figures.

Before declaring a lithium boom, Pakistan needs transparent geological surveys, internationally credible resource estimates and feasibility studies.The same principle applies to copper and gold.

Mining requires water, energy, roads and substantial infrastructure. In a province already facing severe water stress, environmental management cannot be an afterthought. Mine development must include transparent water-use assessments, groundwater monitoring, waste-management systems and rehabilitation plans.Communities must also have a meaningful stake in the process.

Local employment targets, procurement from Balochistan-based businesses, skills development and community-development funds should be measurable and publicly reported. Revenue-sharing mechanisms should be transparent enough for citizens to understand what the province receives, what the federal government receives and how public revenues are ultimately spent.

This is particularly important because mineral projects operate over decades. Governments change; mining companies change; commodity prices rise and fall. Institutions therefore matter more than individual political agreements.

Balochistan should establish a professional mineral-revenue management framework that protects mineral income from short-term political spending. A portion of revenues could be directed toward education, water infrastructure, healthcare, vocational training and economic diversification, with clear auditing and public disclosure.

The province should also develop a sovereign or intergenerational savings mechanism for a share of extraordinary mineral revenues. Copper and gold deposits are finite. If the revenue disappears into recurrent expenditure, the province could eventually be left with depleted resources and little lasting economic transformation.

The critical-minerals race offers Balochistan an opportunity—but also a warning.Natural resources alone do not create development. Institutions do.

If Balochistan can combine geological wealth with transparent governance, local skills, infrastructure, environmental safeguards and value addition, mining could become part of a broader economic transformation.

If it cannot, the province risks repeating an old pattern: valuable resources extracted from Balochistan while the deeper economic benefits remain elsewhere. The world is preparing for a new minerals economy.Balochistan must now decide whether it will merely supply that economy or build a meaningful place within it.

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