Latest news with #RDMC
Business Recorder
18-06-2025
- Business
- Business Recorder
$3bn financing for Reko Diq project advances with IFC/IDA approval of loan
QUETTA: Reko Diq Mining Company (RDMC) is continuing to progress with the raising of up to $3 billion of limited recourse project finance to support the development of Phase 1 of the Reko Diq project involving a group of lenders including the International Finance Corporation (IFC) and the International Development Association (IDA), Asian Development Bank (ADB), US International Development Finance Corporation (DFC), Export-Import Bank of the United States (US EXIM), Export Development Canada (EDC), Euler Hermes AG and KfW IPEX-Bank GmbH of Germany, Export kreditnämnden (EKN) of Sweden, and Finnvera Oyi (Finnvera) of Finland, together with a covered commercial bank tranche. RDMC remains on track to sign project finance documents and have the project loan available for initial drawdown in the second half of 2025. In line with this, RDMC welcomes the approval on 12 June 2025 by the IFC and IDA of a direct loan of up to $700 million for RDMC at a joint board meeting. The target for first production from the project remains the end of 2028. Copyright Business Recorder, 2025
Business Recorder
13-06-2025
- Business
- Business Recorder
Rs3.743bn spent on security of Reko Diq project
ISLAMABAD: The federal government has spent Rs 3.743 billion on the security measures of Reko Diq gold and copper project amid growing concerns over the law and order situation in Balochistan. Ministry of Interior's supplementary grant for fiscal year 2024-25 has been laid before the Parliament for approval including money spent on security measures of the gold and copper mine. In March 2025, the Economic Coordination Committee (ECC) sanctioned the funds of only Rs 1.79 billion aligned with the decision of the Security Services Framework Agreement (SSFA) between the Reko Diq Mining Company (RDMC) and the Government of Pakistan, as well as an MoU signed between RDMC and the Frontier Corps Balochistan (South). Reko Diq project: foolproof security ordered by PM The Ministry of Interior and Narcotics Control had originally submitted a request for a technical supplementary grant (TSG) of Rs 1.792 billion through the Finance Division. However, the Finance Division initially approved only Rs 286.987 million, leading to further deliberations. Later, the government released the full TSC of Rs 3.74 billion, sourced from RDMC's payment for security expenses. The funds had been allocated under Demand No 062 for the Combined Civil Armed Forces, supporting the Frontier Corps Balochistan (South) in its operational and security-related responsibilities. As per the agreement, RDMC will provide financial support under the term support allowance which will not be used for the salaries or allowances of Frontier Corps personnel but will cover specific operational security costs. The approved funds will be managed through a dedicated cost centre, 'Reko Diq Project Frontier Corps Balochistan (South).' Copyright Business Recorder, 2025
Business Recorder
30-05-2025
- Business
- Business Recorder
Reko Diq mining company holds ‘supplier road show' in Karachi
KARACHI: Reko Diq Mining Company (RDMC), operated by Barrick Mining Corporation, hosted the Pakistan Supplier Road Show in Karachi to connect with prospective vendors and suppliers from across the country. The event was part of RDMC's ongoing efforts to build a robust, inclusive, and competitive supply chain for the Reko Diq project, one of the world's largest undeveloped copper-gold mines. The road show, led by RDMC's Supply Chain team, attracted over 200 companies, including small and medium enterprises from Balochistan as well as national-level firms. Participants were provided an overview of the Reko Diq project, its operational values, procurement strategy, tax regime, community development initiatives, hiring policies and opportunities for partnership during the construction and operational phases. The Karachi expo follows a similar Vendors Expo held earlier in Quetta last year. The forum allowed potential partners to ask questions, understand RDMC's standards and expectations, and explore registration processes for becoming qualified suppliers. Copyright Business Recorder, 2025
Express Tribune
23-03-2025
- Business
- Express Tribune
Rs1.79 billion approved for Reko Diq security
Amid the deteriorating law and order situation in Balochistan, the government has approved funds for the security of the multibillion-dollar Reko Diq gold and copper project. The funds are intended to ensure the smooth operation of the Reko Diq project. In a recent meeting, the Economic Coordination Committee (ECC) approved Rs1.79 billion funds for the security of the Reko Diq project. The Ministry of Interior and Narcotics Control stated that the Frontier Corps Balochistan (South), a federal civil armed force, had been involved in border control, internal security, and maintaining law and order within its jurisdiction. Additionally, the force was tasked with apprehending illegal immigrants and carrying out counter-terrorism operations against miscreants and anti-state elements. A summary was submitted to the ECC through the Finance Division on January 14, 2025, seeking approval for a technical supplementary grant (TSC) of Rs1.792 billion to cover security expenses for the Reko Diq project. This request was based on the Security Services Framework Agreement (SSFA) between Reko Diq Mining Company (RDMC) and the Government of Pakistan, along with the MoU signed between RDMC and Frontier Corps Balochistan (South). The Finance Division approved an allocation of only Rs286.987 million. However, during its meeting on February 3, 2025, the ECC deferred the summary and instructed the Interior Division, Finance Division, Petroleum Division, and Frontier Corps Balochistan (South) to reconcile the actual amount needed for the technical supplementary grant. The committee also emphasized ensuring transparency in expenditures before resubmitting the case. In response to this directive, a meeting was convened on February 6, 2025, under the chairmanship of the interior secretary at the Ministry of Interior. During the discussion, the Finance Division's representative agreed in principle to support the request, provided it was clarified that the payment received from RDMC under the "support allowance" was not meant for the salaries or allowances of Frontier Corps personnel. The Ministry of Interior and Narcotics Control further stated that Headquarters Frontier Corps Balochistan (South), Turbat, had clarified the issue. According to the Security Services Framework Agreement (SSFA) and the MoU signed between the Government of Pakistan, Frontier Corps, and RDMC, the Licensee (RDMC) provided financial support to the Frontier Corps under the term "support allowance" to cover specific costs and expenses that would otherwise be incurred in fulfilling the mission. The recurring charges paid by RDMC do not cover the salaries of Frontier Corps personnel deployed for the security of the Reko Diq project. The approved funds will be disbursed through a TSC into a designated DDO cost centre named "Reko Diq Project Frontier Corps Balochistan (South)". All recurring and non-recurring expenses for project security will be managed through this dedicated cost centre. The existing budget of Headquarters Frontier Corps Balochistan (South) will not be utilized for expenditures related to Reko Diq project security. The Finance Division was requested to approve a TSC of Rs1.792 billion against the payment received from RDMC to ensure the smooth execution of the Reko Diq project. The Finance Division endorsed the proposal for submission to the ECC. The Ministry of Interior and Narcotics Control requested the ECC to approve the TSC of Rs1.792 billion, sourced from the payment received from RDMC for security charges. This approval is essential to ensure the smooth execution of the Reko Diq project while maintaining the security of foreign personnel. The funds, allocated under Demand No062 for the Combined Civil Armed Forces, will support Frontier Corps Balochistan (South) in meeting its operational and security-related needs. The ECC reviewed the summary submitted by the Ministry of Interior and Narcotics Control for the approval of TSC of Rs1.792 billion to cover security charges for the Reko Diq project. After consideration, the proposal was approved.
