Chinese firms and Pakistani business groups have won mining leases for copper, gold, and minerals in Balochistan, expanding beyond Barrick Gold's Reko Diq project.
Pakistan International Bulk Terminal Limited (PIBTL) CEO Sharique Azim Siddiqui announced contracts to handle over $5 billion in annual phased exports from Reko Diq, plus emerging ventures in the mineral-rich region.
Reko Diq Port Deal and Projections
Last week, Barrick's Reko Diq Mining Company (RDMC) with 50% Barrick stake and 25% each from federal/provincial governments inked a port access pact with PIBT at Port Qasim for copper-gold concentrate exports starting 2028. The world's largest undeveloped copper-gold site in Chagai expects 800,000-1 million tonnes yearly, generating $2.7 billion initially and scaling to $5 billion post-expansion.
RDMC commits $150 million for dedicated terminal facilities within the $7.7 billion project; construction starts in two months. PIBT, operational since 2017 with $305 million investment (including IFC funding) and PSX-listed, eyes barite, phosphate, iron ore, and sand exports too.
Siddiqui highlighted openness to UAE/Gulf partners and government-backed security for Balochistan shipments, positioning Reko Diq as a benchmark for Pakistan's mineral export boom.
