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Articles for tag: billions, boost, Diq, direct, Dollars, link, orders, project, rail, Reko, Shehbaz

June 17, 2025

News Desk

PM Shehbaz orders the direct rail link to boost the Reko DIQ project of many billions of dollars

Prime Minister Shehbaz Sharif is chairing a meeting in Islamabad on Tuesday to review the Reko Diq project. – pid The committee was formed to explore funding options for up PR The project is expected to boost cargo services, mineral transport. The Saudi Arabian company is planning up to $ 1 billion in investing in the Reko DIQ mine. Prime Minister Shehbaz Sharif ordered the authorities to connect the Reko DIQ project at Balochistan on the Pakistan Railway Network (PR) by 2028 to support future transportation and cargo needs. The move will support the growth of the mine, one of

March 25, 2025

News Desk

OGDCL approves $ 627 million funding for the Reko DIQ project

Limited oil and gas development (OGDCL), one of Pakistan’s (E&P) exploration and production companies, has approved a significant increase in its commitment to funding the Reko DIQ project, increasing it to $ 627 million. The announcement was made to the Pakistani Stock Exchange (PSX) on Tuesday. “The company’s Board of Directors approved an increase in the company’s funding commitment to the project, reflecting the share of the total capital investment, including project funding costs, to $ 627 million (which will be adjusted for the actual project funding costs and inflation). The decision follows an up -to -date feasibility study describing

September 8, 2024

News Desk

SC judge warns of repeat of ‘Reko Diq mistake’.

Islamabad: Supreme Court Justice Yahya Afridi warned not to forget the lesson learned from the Reko Diq judgment – when the country managed to avoid an $11 billion penalty after reaching an out-of-court settlement over the Chagai project in Balochistan’s Govt. PTI. “The lesson learned from this case should not be forgotten and such judicial adventure of riding the ‘unruly horse’ of ‘public policy’ should not be repeated by this Court,” Justice Afridi said in his detailed opinion on the presidential reference. regarding the extrajudicial in the case of Reko Diq. Justice Afridi noted that the judiciary is clearly restrained

August 30, 2024

News Desk

Minister warns of ‘Reko Diq-like situation’ if IPP contracts unilaterally terminated

Federal Minister for Power Sardar Awais Ahmad Khan Leghari. — APP/File The minister says that the body, under his chairmanship, is looking into the issue of PPAs. Leghari says the government wants to get rid of IPPs that are no longer needed. He says good news about the IPPs in the pipeline for the country. Federal Power Minister Awais Leghari said the government cannot unilaterally terminate agreements with independent power producers (IPPs), warning that such a move would lead the country to face a “Reko Diq-like situation”. In 2019, Pakistan managed to escape an $11 billion penalty after reaching an

August 27, 2024

News Desk

Riyadh offers 15% equity investment in Reko Diq

Islamabad: Saudi Arabia has made an offer to buy a 15% stake in the Reko Diq mining project and will also provide a major grant to build infrastructure around the mining site in a development that will mark the first investment under the umbrella of the Special Council Investment Facility. The total offer includes cash for the purchase of 15% shares and a grant to build infrastructure around the mining area. In response to the Saudi offer, Pakistan has decided to set up a negotiation committee to review the Saudi offer and recommend the final negotiated price to the federal

May 24, 2024

News Desk

Pakistan to sell 15% of Reko Diq project to Saudi Arabia

An image of the Tethyan Copper Company (TCC) gold and copper mine exploration project site at Reko Diq, Balochistan. — TCC Pakistan’s share in the Reko Diq project will be reduced Balochistan’s share will remain at the existing level of 25%. Pakistan will become a minority shareholder in this project. ISLAMABAD: Pakistan and Saudi Arabia have agreed in principle to a deal in which Islamabad is ready to sell its 15% stake in the Reko Diq project to Saudi investors, according to The news report. The decision came after Barrick Gold Corporation refused to sell off its stake in the

May 6, 2024

News Desk

Saudi Manara Minerals team ‘in Pakistan for Reko Diq mine stake talks’

Document says Saudi company’s CEO wants to “continue negotiations on Reko Diq project” Hills near the proposed site of the Reko Diq copper mine in Balochistan are seen in this undated 2010 photo. — Reuters Manara officials part of a large delegation of Saudi investors. The delegation will meet Pakistani companies to explore investments. Manara is in talks to potentially buy a stake in the Reko Diq mine. Executives of Saudi Arabian miner Manara Minerals are in Islamabad to continue talks to buy a stake in Pakistan’s Reko Diq gold and copper mine, a Pakistani government document said on Monday.

March 24, 2024

News Desk

Chief Minister Shehbaz promises to ensure the safety of workers associated with the Reko Diq project

An undated image of the Reko Diq camp. — Barrick Gold Corporation/File Chief Minister Shehbaz instructs to remove all hurdles in Reko Diq project. The feasibility of Reko Diq will be completed by December 2024, the Prime Minister said. “Every month, 6,000 containers will be transported to the port.” Prime Minister Shehbaz Sharif on Sunday vowed to ensure the safety of those working at the multibillion-dollar Reko Diq gold and copper mining project. The prime minister made the remarks while chairing an important meeting on the “game changer” project. Barrick Gold company delegation led by CEO Mark Bristow participated in

March 24, 2024

News Desk

Reko Diq is set to revolutionize Balochistan’s economy: Mark Bristow

Reko Diq Gold Mine in Balochistan Province, Pakistan. — Facebook/@Riaz Haq Bristwo says the Reko Diq project will change the fate of Balochistan. The Project can produce 250,000 ounces of gold per year. Investment to strengthen the mining industry and the local economy. ISLAMABAD: Barrick Gold Corporation Chairman and CEO Mark Bristow said on Sunday that Pakistan’s “revolutionary” Reko Diq project would change the fate of Balochistan by reshaping the local economy. The multi-billion dollar project is capable of producing 200,000 tonnes of copper and 250,000 ounces of gold annually for more than half a century, from the world’s largest

January 9, 2024

News Desk

Pakistan and Saudi Arabia are expected to make progress on the Reko Diq deal

High-level Pakistani delegation likely to discuss Saudi interest in building refinery in country Reko Diq Gold Mine in Balochistan Province, Pakistan. — Facebook/@Riaz Haq Progress on the deal is expected during the three-day minerals forum in Riyadh. The Energy Minister is leading the high-level Pakistani delegation. Delegation likely to discuss KSA’s interest in refinery construction. Islamabad: Talks with Saudi Arabia on a potential investment deal on the Reko Diq copper and gold project are expected to move forward during a three-day minerals forum that began today in Riyadh, The news an energy ministry official was quoted as saying on Tuesday.

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