Pakistan International Bulk Terminal Limited (PIBT) has entered into an agreement with Reko Diq Mining Company (Private) Limited for the handling of its cargo concentrate, while also securing additional concessions from the Port Qasim Authority to facilitate the organization of mineral exports.
PIBT disclosed this development in a notice issued to the Pakistan Stock Exchange on Monday.
The company has signed an additional implementation agreement with the Port Qasim Authority, granting it rights, concessions, and licenses on a non-exclusive basis to handle, store, and export copper and gold commodities, including minerals, metals, and other natural terrestrial resources.
In addition, PIBT has signed a separate agreement specifically for handling the cargo concentrate of Reko Diq Mining Company.
Reko Diq, located in Balochistan, is a vast and undeveloped copper and gold deposit and is considered one of the largest such reserves in the world. The project’s ownership structure consists of a 50 percent stake held by Barrick, 25 percent by three federal government entities, and 25 percent by the Government of Balochistan, of which 15 percent is on a fully funded basis and 10 percent on a free-carried basis.
The project aims to commence production in 2028 and is expected to become a world-class copper and gold mine, contributing significantly to Pakistan’s economic growth. PIBT’s agreement positions the terminal to meet the logistics requirements associated with the Reko Diq project, one of Pakistan’s largest planned mining development initiatives.
It is noteworthy that Pakistan International Bulk Terminal was established in 2010 as a private limited company. In the same year, the company entered into a 30-year Build-Operate-Transfer (BOT) agreement with the Port Qasim Authority for the construction, development, operation, and management of the port’s coal and clinker terminal.
