Latest news with #RekoDiq
Express Tribune
a day ago
- Business
- Express Tribune
Minister vows to push for Karachi-Rohri track funding
The Karachi-Rohri section will be the most vital segment of the of the Mainline (ML)-1 project in terms of freight connectivity with Central Asia and Russia, as well as providing transportation link to the Thar coal and Reko Diq mines, Railways Minister Hanif Abbasi said on Friday. Talking to the reporters outside the Parliament House, the minister said that a major freight route from Lahore to Russia via Rohri, Zahedan and then in Tajikistan had been prepared, but its launch was delayed because of the 12-day between Iran and Israel. Abbasi highlighted termed the ML-1 segment between Karachi and Rohri the most challenging portion. "If needed, I will personally request the prime minister and the chief minister of Sindh to allocate funds to ensure its completion," he said. "This section is vital for the success of future projects like Thar coal transportation, Reko Diq project, freight connectivity with Central Asia and Russia, and realisation of the greater Asian rail linkage dream," he said, adding that the ML-2 and ML-3 lines were equally important for Pakistan's economic uplift. The minister revealed that a major international freight initiative - a rail route from Lahore to Zahedan via Rohri, extending to Tajikistan and Russia - had been prepared. "Had it not been for the war, this international cargo train would have rolled out on June 22," he noted. He stated that $5 million had been allocated in the budget to enhance regional railway connectivity with Uzbekistan. "The country's development is directly linked with the modernisation of the railway system," Abbasi stated, reaffirming his resolve to deliver on the Prime Minister Shehbaz's vision. To a question, he said that he would visit Karachi on July 6 and meet with Chief Minister Murad Ali Shah to discuss the province's demands for branch lines. "We aim to build the same kind of coordination with Sindh and Khyber-Pakhtunkhwa [K-P] as we have with Punjab and Balochistan," he said. On the occasion, the minister shared updates on the railways development projects in Balochistan, stating that stations in Sibi, and Machh were being upgraded, and many such projects had already been implemented or were in progress. Abbasi highlighted major improvements in the facilities being provided to the passengers. "People who buy tickets worth Rs12,000 to Rs14,000 deserve better travel conditions," he said. "With the cooperation of the Punjab government, free Wi-Fi facility is being provided to 40 stations," he said. "We are going to install digital Point-of-Sale (POS) systems and ATMs at 348 stations across the country. "These digital initiatives will not only boost revenue but also enhance passenger facilitation," the minister added. "Previously, passengers would wait in queues for hours. They were asked to bring cash. Now, with digital payment machines and ATMs, we're eliminating these hurdles," the minister said. "The railways is being moved towards digitisation." He said a comprehensive plan for the recovery and optimal utilisation of the railways' vast land assets was being prepared, which would be presented to the prime minister. He noted that many encroachments had already been removed. Speaking about the other segments of the railway track, the minister said that the Punjab chief minister had allocated over Rs350 billion for upgrading the Lahore-Rawalpindi section and different other branches. The Balochistan government has also allocated Rs3 billion for Saryab and Kuchlak area. He also highlighted infrastructure upgrades, including the construction of three international-standard railway stations and modernisation of Quetta station. "Quetta's station has been upgraded, and a Diesel Multiple Unit (DMU) train will soon begin operations within the city," he said.
Yahoo
a day ago
- Business
- Yahoo
Barrick, Komatsu finalise $440m equipment deal for Reko Diq project in Pakistan
Barrick Mining, operator of the Reko Diq Mining joint venture (JV), and Komatsu have concluded a $440m agreement for the supply of mining equipment to Barrick's Reko Diq copper-gold project in Pakistan. The contract will begin in 2026 and extend over the first five years. The Reko Diq copper-gold project is claimed to be one of the world's most important greenfield mining developments, contributing to the economic development of Pakistan. This deal marks Komatsu's first significant mining equipment contract in its Middle East territory and highlights the growing partnership between the two companies. Barrick president and CEO Mark Bristow said: 'The Reko Diq project represents a long-term investment in our future and that of mining in Pakistan, and our partnership with Komatsu is an important part of that vision. 'Komatsu equipment has proven its performance and reliability at our operations worldwide, and we are confident in their ability to support our goals at Reko Diq. We look forward to building on this strong relationship as we develop one of the world's newest greenfield assets." The equipment package for Reko Diq includes several advanced machines including Komatsu 980E-5 ultra-class haul trucks, P&H 4100XPC AC electric rope shovels, PC7000-11 mining excavators and WE2350-2 electric wheel loaders. Komatsu plans to establish a new entity, Komatsu Pakistan Mining (SMC-PRIVATE), to support the operations at Reko Diq by delivering service and technical expertise. Further investments will be directed towards its regional headquarters in Dubai, Komatsu Middle East FZE, to bolster an expanded equipment presence in the area. These investments will ensure that Barrick has the necessary resources to operate efficiently at Reko Diq. Komatsu Mining Business Division president Peter Salditt said: 'Barrick is an important global partner for Komatsu, and we are excited to expand our relationship to support the development of Reko Diq. 'The scale and complexity of this project demands proven, high-performance equipment, and we are confident our ultra-class haul trucks, electric rope shovels and other mining machines will meet the challenge. We look forward to continuing to work alongside Barrick to drive productivity and innovation in mining.' The latest contract builds on Barrick and Komatsu's previous collaboration at Barrick's Lumwana copper mine in Zambia and the Nevada Gold Mines complex in the US. In April, Barrick revealed that shareholders in the Reko Diq JV have endorsed an updated feasibility study for the Reko Diq project and conditionally approved the associated capital for its phase one development. This approval is dependent on obtaining up to $3bn ($C4.11bn) in limited recourse project financing, which will facilitate the commencement of significant works this year. "Barrick, Komatsu finalise $440m equipment deal for Reko Diq project in Pakistan" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Recorder
2 days ago
- Business
- Business Recorder
World Bank reaffirms commitment to $40bn CPF with Pakistan
Pakistan and the World Bank reaffirmed their development partnership during high-level consultations in Washington, D.C., with both sides committing to the effective implementation of the newly launched $40 billion Country Partnership Framework (CPF) 2026–2035. The development came during a meeting between Federal Minister for Economic Affairs Ahad Khan Cheema, during his official visit to the United States, with senior World Bank leadership, read a statement released by the Economic Affairs Division (EAD) on Friday. 'In a productive meeting with Anna Bjerde, Managing Director for operations, and Martin Raiser, South Asia Regional Vice President, Cheema applauded the strengthened collaboration between Pakistan and the World Bank Group over the past year. 'This enhanced engagement has culminated in the development of the new Country Partnership Framework (CPF) 2026-2035, a transformative ten-year strategy backed by an unprecedented $40 billion commitment from the World Bank,' read the statement. World Bank's Benhassine lauds Pakistan's economic turnaround Cheema, during the meeting, expressed deep appreciation for the World Bank's support, particularly during critical challenges, including the COVID-19 pandemic and devastating 2022 floods. 'As our largest development partner, the World Bank has played an indispensable role in Pakistan's socio-economic progress and improving the lives of our citizens,' stated Cheema. With the CPF now successfully launched, Cheema emphasized the government's complete focus on finalizing a comprehensive implementation framework in collaboration with the World Bank to ensure the strategy delivers its full potential. He welcomed Pakistan's transition to the World Bank's Middle East and North Africa (MENA) Region under Vice President Ousmane Dione, noting this move will create valuable opportunities for knowledge exchange and regional synergy. Meanwhile, in a separate meeting with Abdelhak Bedjaoui, World Bank Executive Director, Cheema acknowledged his effective representation of Pakistan's economic interests. The minister proposed regular visits by executive directors to constituency countries to better understand development needs and opportunities for World Bank engagement. 'The discussions also highlighted recent World Bank approvals, including the $700 million Reko Diq mining project and $400 million Risk Participation Facility, which moved forward despite objections,' read the EAD's statement. Cheema reaffirmed Pakistan's commitment to working closely with the World Bank country team to achieve the CPF's ambitious development objectives and transformational impacts.
Express Tribune
2 days ago
- Business
- Express Tribune
Shehbaz, Rubio agree to deepen Pak-US ties in phone call
A telephonic conversation was held between Prime Minister Shehbaz Sharif and US Secretary of State Marco Rubio on June 26, 2025. Photo: AFP/ APP Listen to article Prime Minister Shehbaz Sharif and US Secretary of State Marco Rubio on Thursday agreed to strengthen bilateral relations between Pakistan and the United States, with a particular emphasis on boosting trade and economic cooperation. According to a statement issued by the Prime Minister's Office, Secretary Rubio placed a telephone call to the prime minister during which both sides held a 'warm and cordial' exchange of views on regional and bilateral matters. During the conversation, the prime minister appreciated what he described as President Donald Trump's 'bold and decisive leadership' in facilitating a ceasefire between Iran and Israel. He also expressed gratitude for Washington's role in helping secure a ceasefire between Pakistan and India. Read More: Pakistan, US to finalise trade deal next week The leaders also discussed the evolving situation in the Middle East, with PM Shehbaz reaffirming Pakistan's commitment to playing a constructive role in advancing peace and stability in the region. In response, Secretary Rubio acknowledged Pakistan's efforts and expressed the US government's willingness to continue close coordination. The exchange came as both countries move to revive economic ties amid shifting geopolitical alignments. On Wednesday, the Ministry of Finance said Pakistan and the United States had resolved to conclude trade talks next week following a meeting between Finance Minister Muhammad Aurangzeb and US Commerce Secretary Howard Lutnick. The negotiations, focusing on reciprocal tariffs, are part of broader efforts by Islamabad to avoid steep US duties on Pakistani exports and to reset relations with Washington on a more commercially grounded footing. Separately, both countries this week co-hosted a webinar aimed at promoting investment in Pakistan's minerals sector, with particular emphasis on the multibillion-dollar Reko Diq copper-gold project. Senior officials from both governments, along with private US investors, discussed regulatory reforms and public-private partnerships. The US Export-Import Bank is currently reviewing financing proposals worth between $500 million and $1 billion for possible investment in the Reko Diq project.
Business Recorder
3 days ago
- Business
- Business Recorder
Japan's Komatsu to establish $100mn maintenance facility in Karachi: report
Komatsu, a Japanese heavy machinery manufacturer, is set to invest millions of dollars in a maintenance hub for mining equipment in Pakistan, reported Nikkei Asia. According to the report, Komatsu Pakistan Mining is expected to be established in Karachi, the financial hub of Pakistan, by the end of the year. It further added that Komatsu, which already runs a software development centre in Pakistan, will spend $100 million on facilities for inspecting and repairing mining machinery. 'It will also eventually build up the staff to roughly 500 engineers and operators,' read the report. On Wednesday, Komatsu informed that it has inked a $440 million contract with Canada's Barrick Mining to develop the Reko Diq gold mine in southwestern Pakistan, to supply equipment to the project in the coming years, starting in fiscal 2026. 'Valued at $440 million over the first five years, the deal marks Komatsu's first major mining equipment placement in its Middle East territory and underscores the strengthening partnership between the two companies,' Komatsu said in a statement. It also shared that as part of its commitment to supporting Reko Diq's operations, Komatsu intends 'to establish KOMATSU PAKISTAN MINING (SMC-PRIVATE) LIMITED, a new entity dedicated to providing service and technical expertise at Reko Diq'. 'Additional investments will also be made to Komatsu Middle East FZE, the regional headquarters in Dubai, UAE, to support an expanded equipment footprint in the region,' it added. Barrick Gold owns a 50% stake in the Reko Diq mine and the governments of Pakistan and the province of Balochistan own the other 50%. The mines are considered one of the world's largest underdeveloped copper-gold areas, and their development is expected to have a significant impact on Pakistan's economy.
