Pakistan International Bulk Terminal Limited (PIBT) has inked an agreement with Reko Diq Mining Company (Private) Limited to handle its cargo concentrate, alongside securing supplemental concessions from the Port Qasim Authority to manage mineral exports.
PIBT disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Monday.
“The company has executed the supplemental implementation agreement with the Port Qasim Authority, which grants the company the supplemental concessions, rights and licenses to cater for handling, storage and export of copper-gold commodities, including minerals, metals, and other natural earth commodities on a non-exclusive basis.
“Concurrently, the company has also executed an agreement with Reko Diq Mining Company (Private) Limited for the handling of its cargo concentrate,” read the notice.
Reko Diq is a massive, undeveloped copper and gold deposit located in Balochistan, Pakistan, which is believed to be one of the world’s largest. The project is owned 50% by Barrick, 25% by three federal SOES, 25% by the Government of Balochistan, of which 15% is on a fully funded basis and 10% is on a free carried basis. The project, which aims to start production in 2028, is expected to become a world-class copper-gold mine, contributing to Pakistan’s economic development. The PIBT agreement positions the terminal to support logistics requirements linked to the Reko Diq project, one of Pakistan’s largest planned mining developments, once production and export activities commence.