The federal government agreed to provide $390 million to the Reco DIQ mining project to build rails from mines in Bal Road, according to the Finance Department on Thursday.
According to a press release from the Ministry of Finance, the decision was made at a meeting of the Economic Coordination Committee of Islamabad (ECC) chaired by Finance Minister Muhammad Aurangzeb.
The press release noted that the Ministry of Railways and Reco Diq Mining Company submitted a summary of the agreement on railway development and bridge financing to provide $390 million for laying 1,350 kilometers of railway tracks for transporting large volumes of volts in Balochistan.
“The ECC approved the proposal and directed the Railway Department to share the two agreement documents with the finance department for evaluation,” the press release read.
“It further directs the Ministry of Railways and the Ministry of Finance to submit updates to the implementation and implementation of the project by next March.”
In addition, in the press release, the ECC also reviewed the summary of the Ministry of Petroleum on the approved agreement and financial commitments.
The ECC approved the final terms of the agreement proposal and directed that any material deviations in the final execution form determined by the project’s legal and financial advisor, as well as certified by the mining company, would be brought back to the committee.
According to the press release, Aurangzeb said: “The ECC approval demonstrates the government’s firm commitment to this landmark project that has the potential to change the economic landscape of Bal Luzhi Province and bring very real benefits to people.
“The RECO DIQ project will not only release one of the world’s largest undeveloped copper deposits, but will also promote job creation, infrastructure development and long-term socio-economic improvement in the region.”
In March, a formal feasibility study confirmed copper and gold reserves worth more than $60 billion Reko DIQ Copper Mine At ready-made prices, state oil and gas development companies promised by Pakistan Oil Company and Government Holdings Limited (PVT) Limited will increase their commitment to mining companies to $1.9 billion.
August, Reuters Report The Asian Development Bank will provide a $400 million financing plan to help develop Pakistan’s Reco Diq copper mine, which Barrick Gold will be operated by global gold mining companies.
