Tag: Reko-Diq

Reko Diq Phase I Cost Revised to $6.8 Billion, Up 58% ECC Approves Increased Budget Following New Feasibility Study

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Reko-Diq

ISLAMABAD: The Economic Coordination Committee (ECC) has approved a 58% increase in the cost of Phase I of the Reko Diq copper and gold mining project, raising the total budget to $6.8 billion. The cost revision is based on an updated feasibility study conducted by Barrick Gold, the project’s 50% partner, accounting for inflation, increased production capacity, and enhanced infrastructure. The additional $2.5 billion in costs is expected to be offset by higher global gold and copper prices. Over the 30-year operational period, Pakistan’s federal and provincial governments anticipate $7.1…

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Pakistan Forms Negotiation Body for Reko Diq Stake Sale to Saudi Arabia

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Reko-Diq

ISLAMABAD: Pakistan has established a negotiation committee to finalize the sale of a 15% stake in the Reko Diq copper and gold mining project to Saudi Arabia’s Public Investment Fund (PIF). The committee will review the price discovery mechanism prepared by international advisors, assess the Saudi offer, and draft a commercial agreement. The Cabinet Committee on International Governmental Commercial Transactions approved the panel’s formation, granting it authority to negotiate cash offers and reimbursement of cash calls made by Pakistan Minerals Private Limited (PMPL). Additionally, Saudi Arabia has pledged a $150…

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Govt plans to accelerate minerals mining

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Reko-Diq

ISLAMABAD: The government has planned to set up a new dedicated Mines and Minerals Division as part of efforts to accelerate mining activities to give a big push to Pakistan’s economy.This is in line with the attempts made in the previous tenure of Pakistan Democratic Movement (PDM) government, which strived to establish the Mines and Minerals Division to ramp up efforts for the exploitation of minerals in the country.Balochistan is rich in mineral resources where all-out efforts are being made to expedite mining activities after an out-of-court settlement with a…

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Reko Diq project: Co asked to share logistic requirements

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Reko-Diq

ISLAMABAD: A federal government panel has asked Reko Diq Mining Company (RDMC) to share their logistic technical requirements of the project like initial and peak volume to be transported, power, gas and water as the company is unwilling to use Gwadar Port for the time being, well informed sources in Planning Commission told Business Recorder. Sharing the details, the sources said, in compliance with the decision of project Support Team on Reko Diq a meeting of the Sub Committee under the chairmanship Member (I&M), Planning Commission, General Zahir Shah was held…

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Talks with Saudis on Reko Diq stake soon

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• Evaluation of mining project’s share price complete, says PC chief• Insists $70bn expected under SIFC based on ‘real offers’ from friendly countries• Defends military’s involvement in decision-making due to its ‘capabilities’ ISLAMABAD: Talks with Saudi Arabia on the sale of stakes in the multibillion-dollar Reko Diq gold and copper mine will begin soon, the head of the Planning Commission said on Tuesday, as a share-price evaluation of the project is now complete. Talking to the media, Dr Jehanzeb Khan stressed that the $70 billion foreign direct investment anticipated thro­ugh…

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