KARACHI: Pakistan International Bulk Terminal Limited (PIBT) has entered into a strategic agreement with Reko Diq Mining Company (RDMC) to facilitate the handling and export of copper-gold concentrates, positioning Pakistan as a crucial player in the regional mineral market.

The agreement is a result of PIBT's supplemental arrangement with the Port Qasim Authority (PQA), allowing it to manage and export various mineral commodities, as stated in a company announcement on Monday.

Reko Diq, recognized as one of the largest copper-gold mining ventures globally, aims to enhance Pakistan's mineral export capabilities and contribute to economic growth. Under the new partnership, PIBT will be the principal logistics and export channel for Reko Diq's mineral production, with operations anticipated to start in 2028.

This collaboration is viewed as an essential move towards capitalizing on Pakistan's mineral resources and solidifying its standing in the global commodity sector. Sharique Azim Siddiqui, CEO of PIBT, acknowledged the crucial support from the Pakistan government, the Special Investment Facilitation Council, the Ministry of Maritime Affairs, and the Port Qasim Authority in realizing the project. He noted that the agreement represents a landmark achievement for both PIBT and the nation, facilitating exports from a significant mining initiative and underpinning economic progress.

Mark Hill, Barrick Mining Corporation's group chief operating officer, remarked on the significance of the agreement with PIBT, highlighting its role in ensuring Reko Diq's long-term benefits for stakeholders, especially in Balochistan and across Pakistan.

PIBT, stationed at Port Qasim, serves as Pakistan's specialized, fully mechanized multipurpose bulk-handling terminal. Developed with a $305 million collaboration with the International Finance Corporation, PIBT is instrumental in bolstering the nation's industrial, energy, and trade frameworks. The terminal adheres to the World Bank Group's Environmental, Health, and Safety guidelines, underscoring its dedication to safety, sustainability, and global standards.

Currently, PIBT handles up to 12 million tonnes of imports and four million tonnes of exports annually, with plans for further investment to enhance its export system.