Web Desk

ISLAMABAD: Pakistan&rsquo;s Economic Coordination Committee (ECC) has approved a $390 million bridge financing deal with Reko Diq Mining Company to build a railway in southwestern Balochistan province, enabling copper and gold transport to export terminals, the finance division said. The decision was made during a meeting held at the Finance Division under the chairmanship of Finance Minister Muhammad Aurangzeb. According to an official statement released on Thursday, the railway development agreement includes the laying of a 1,350-kilometer track to handle large volumes of export material from the Reko Diq site, one of the world&rsquo;s largest untapped copper-gold deposits. The ECC reviewed and approved the railways ministry&rsquo;s proposal for entering into both a rail development agreement and a bridge financing agreement with the Reko Diq Mining Company. It further directed the ministry to share finalized agreement documents with the Finance Division for appraisal. In a forward-looking directive, the ECC instructed finance and railways ministries to submit an update on the project&rsquo;s execution and implementation by March next year. Earlier in the meeting, the ECC also approved a summary submitted by the Petroleum Division concerning definitive agreements and financial commitments related to the broader Reko Diq Project.&nbsp; Highlighting the significance of the project, Finance Minister Muhammad Aurangzeb said, &ldquo;The ECC&rsquo;s approvals signify the government&rsquo;s firm commitment to moving ahead with this landmark project, which has the potential to transform the economic landscape of Balochistan and generate far-reaching benefits for the people of Pakistan.&rdquo; &ldquo;The Reko Diq Project will not only unlock one of the world&rsquo;s largest undeveloped copper-gold deposits but also catalyze job creation, infrastructure development, and long-term socio-economic uplift across the region,&rdquo; he added. The Reko Diq Project, situated in Chagai district near the border with Iran and Afghanistan, is a joint venture between the Government of Pakistan, the Government of Balochistan, and global mining company Barrick Gold Corporation. With copper and gold reserves estimated to be worth billions of dollars, the project is widely seen as a game-changer for Pakistan&rsquo;s mineral sector. The latest approvals signal a crucial step toward the full operationalization of the Reko Diq mine, which could become a major source of foreign exchange and development for the country.

Economy

The agreement includes building a 1,350-km railway to transport large volumes of copper and gold from Reko Diq, one of the world’s largest untapped deposits.

Articles tagged with "Pakistan Railways,"

Pakistan approves $390 million railway plan for Balochistan mines