Pakistan International Bulk Terminal Limited (PIBT) has entered into a strategic agreement with Reko Diq Mining Company (Private) Limited to handle its cargo concentrate, while also securing supplemental concessions from the Port Qasim Authority to manage mineral exports. The company disclosed the developments in a notice to the Pakistan Stock Exchange (PSX) on Monday.
Under the supplemental implementation agreement with the Port Qasim Authority, PIBT has been granted rights, licenses, and concessions to handle, store, and export copper-gold commodities, including minerals, metals, and other natural earth commodities on a non-exclusive basis. In parallel, the agreement with Reko Diq Mining Company specifically covers the handling of its cargo concentrate, positioning PIBT as a key logistics partner for one of Pakistan’s largest planned mining projects.
Reko Diq, located in Balochistan, is one of the world’s largest undeveloped copper and gold deposits. The project ownership structure includes 50% by Barrick, 25% by three federal State-Owned Enterprises (SOEs), and 25% by the Government of Balochistan, of which 15% is fully funded and 10% is on a free-carried basis. The project aims to commence production in 2028 and is expected to emerge as a world-class copper-gold mine, contributing significantly to Pakistan’s economic growth and export revenues.
The PIBT agreement aligns the terminal’s operations with the logistical requirements of the Reko Diq project, ensuring efficient handling and export of mineral concentrates once production begins. This strategic positioning reinforces PIBT’s role as a critical hub for bulk commodity management at Port Qasim.
Founded in 2010, PIBT entered into a Build-Operate-Transfer (BOT) contract with Port Qasim Authority in the same year for the construction, development, operation, and management of the port’s coal and clinker terminal over a thirty-year period. The company has since expanded its capabilities to manage diverse bulk commodities, further strengthening its capacity to support large-scale industrial and mining projects in Pakistan.
The partnership with Reko Diq Mining and the supplemental concessions from the Port Qasim Authority mark a significant milestone for PIBT, enabling it to play a central role in the logistics and export chain of one of Pakistan’s largest mineral projects, while contributing to the country’s broader industrial and economic development objectives.
Follow the PakBanker Whatsapp Channel for updates across Pakistan’s banking ecosystem.