Reko Diq Talks to PIBTL to Handle Its Cargo for Mining Project

Reko Diq Mining Company (Private) Limited has approached Pakistan International Bulk Terminal (PSX: PIBTL) for the handling of its cargo concentrate for the initial phase of the mining project. “Reko Diq Mining Company (Private) Limited (“Reko Diq”) has identified and approached PIBT as the preferred port to enable it to utilise PIBT’s terminal and its infrastructure for the handling of its cargo concentrate for the initial phase of the Reko Diq project,” PIBTL informed the main bourse on Friday. The deal will be subject to the execution of definitive agreements and regulatory and other necessary approvals from the relevant authorities including the Port Qasim Authority, the filing added. PIBTL entered into a Built Operate Transfer (BOT) contract with Port Qasim Authority (PQA) on November 06, 2010, for the construction, development, operations, and management of coal and clinker/cement terminal at Port Mohammad Bin Qasim for thirty years. After the expiry date, the Company will transfer all the concession assets to PQA.