PIBT plans to handle up to $5 billion annual mineral exports from Balochistan projects.
Chinese companies and major Pakistani business groups have secured mining leases for copper, gold, and other minerals in Pakistan’s southwest, expanding activity beyond Canada’s Barrick Mining Corporation and signalling broader development of the sector, The Express Tribune reported, citing a senior port executive involved in export planning.
Sharique Azim Siddiqui, chief executive officer of Pakistan International Bulk Terminal Limited (PIBTL), said the terminal has been contracted to export minerals worth more than $5 billion in phases from the Reko Diq project, with additional mining ventures emerging across the mineral-rich belt of Balochistan.
He said Chinese firms and large Pakistani business houses have acquired mining leases in the region, while Reko Diq remains the most advanced project.
Last week, Reko Diq Mining Company, a subsidiary of Barrick, signed a port access agreement with PIBT to export copper and gold concentrate through Pakistan’s first dirty bulk cargo terminal at Port Qasim starting in 2028.
Located in Balochistan’s Chagai district, Reko Diq is one of the world’s largest undeveloped copper-gold deposits. Barrick holds a 50% stake in the project, while the federal government and the Balochistan government each own 25%.
Siddiqui said the mine is expected to begin operations by 2028 or 2029, with projected exports of between 800,000 and one million tonnes of concentrate annually.
Exports from the first phase are estimated at about $2.7 billion per year and are expected to rise to around $5 billion following expansion. Siddiqui said the initial $2.7 billion would come solely from Reko Diq, with volumes doubling in subsequent phases, making it a significant contributor to Pakistan’s export earnings.
Pakistan’s exports rose 4.5% to $32 billion last fiscal year but fell 7% year-on-year to $18.2 billion in the current fiscal year through January, while imports increased 9% to $40.2 billion, according to official data. Siddiqui said a single project generating $5 billion in exports would materially improve the country’s external position.
Under its agreement with PIBT, RDMC will invest $150 million to develop dedicated storage and handling facilities at the terminal as part of the project’s broader $7.7 billion investment. Construction of the port-side facilities is expected to begin within two months. PIBT, which started operations in 2017, was developed with $305 million in investment, including financing from the International Finance Corporation, and is listed on the Pakistan Stock Exchange.
Siddiqui said PIBT is also in talks with exporters of barite, rock phosphate, iron ore, and sand, adding that Reko Diq shipments are expected to set a benchmark for future mineral exports. He said the terminal remains open to partnerships with Gulf investors, particularly from the United Arab Emirates.
On security, Siddiqui said cargo protection would be ensured for mineral exports despite ongoing concerns in Balochistan. He said the government has committed to safeguarding cargo movement, noting that any disruption would harm both the projects and broader export ambitions.
