Govt to relieve rules for the PQA terminal

Islamabad:

The government has agreed to provide exemption from Pakistan International Bulk Terminal Limited (PIBTL) for the use of its installation of gold and copper extracting from the Reko Diq mining project.

Sources told The Express Tribune that the Executive Committee of the Special Investment Council (SIFC), at a recent meeting, unanimously agreed to provide PIBTL exemption for goods management such as copper, gold, metals and other natural minerals.

It holds the oil department to send the case to the Public Supply Authority (PPRA) to request exemption and allow the Port Qasim (PQA) authority and PIBTL to modify the application agreement. It will facilitate the handling and export of copper, gold and other natural products on Earth.

The SIFC House has given instructions to modify the implementation agreement by March 15, 2025.

Sources reported that PIBTL and PQA had entered into a transfer-transfer contract (bot) for the construction, development and exploitation of the carbon terminal and cement for 30 years. According to the agreement, PIBTL can only handle carbon, clinker and cement, which are classified as a dirty bulk. The Reko Diq Mining Company has identified PIBTL as a preferred copper condensate terminal (as a temporary measure) until the Gwadar port was operated and requested approval for the use of the terminal, considering the project of national importance.

Sources reported that PQA informed the federal government that copper condensation in the existing implementation agreement required PPRA exemption. However, PPRA was of the opinion that there was no requirement for rules exemption, as the agreement did not include any commission.

Pakistan and a Canadian operation had reached an off -court settlement after the previous case lost in an international court. Following the settlement, Pakistan paid $ 900 million to Antofagasta – one of the companies involved in the settlement of the Reko DIQ dispute.

Pakistan’s Supreme Court had in 2013 blocked Tethyan Copper Company (TCC) – a joint venture between Antofagasta of Chile and Barrick Gold in Canada – from the development of the Reko Diq project, which brought one of the largest unused copper deposits and copper deposits Gold. After that, the International Investment Dispute Settlement Center ordered the Pakistani government to pay $ 5.8 billion compensation.

The difference had begun when the Balochistan government refused to invest according to the 25% share of Reko DIQ.

Currently, Pakistan is involved in negotiations with Saudi Arabia to sell 15% in the mining project.