The government has granted an exemption to Pakistan International Bulk Terminal Ltd (PIBTL), allowing it to handle exports of copper, gold, and other minerals from Barrick Gold Corp.’s $6 billion Reko Diq project, The News reported. Â
This decision, which waives the country’s public procurement rules, marks a key step in the development of one of the world’s largest untapped gold reserves. The move enables PIBTL, which currently handles coal, clinker, and cement exports at Port Qasim near Karachi, to expand its operations to include high-value mineral exports.
The Public Procurement Regulatory Authority (PPRA) approved the exemption last week after receiving approval from the Special Investment Facilitation Council (SIFC).Â
Barrick Gold had reviewed several facilities for its export needs before selecting PIBTL. The company is now working with the Port Qasim Authority to facilitate the handling of these new commodities, with plans to modify the terminal if required.
This regulatory fast-tracking comes as Barrick Gold accelerates development at the Reko Diq site in Balochistan, which is estimated to contain $70 billion in mineral wealth. Barrick has approved Phase-1 of the project, targeting $3 billion in financing by Q3 2025, with construction expected to begin this year and production set to start in 2028. The project is backed by the International Finance Corporation (IFC) and development agencies from the US, Germany, and Japan.
Barrick owns 50 percent of the Reko Diq project, while the federal and Balochistan governments hold the remaining stake. After a decade-long arbitration, the project was revived and is now seen as a major venture to unlock the country’s untapped mineral potential.
