ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday directed relevant authorities to link the Reko Diq copper and gold project in Balochistan with Pakistan Railway’s network by 2028 to support future transportation and cargo services.
During a meeting chaired by PM Shehbaz on Tuesday, the prime minister ordered the creation of an inter-ministerial committee to handle the financing matters for upgrading and expanding Pakistan Railways. The committee is tasked with presenting recommendations on financing required for the railway extension to Reko Diq.
This move is aimed at meeting the growing demand for infrastructure development in the region.
The meeting was attended by key government officials, including Deputy Prime Minister Ishaq Dar, Defence Minister Khawaja Asif, and Minister for Economic Affairs Ahad Khan Cheema.
Earlier this year, Saudi Arabian mining fund Manara Minerals announced plans to purchase a 10-20% stake in the Reko Diq project, which is expected to generate $500 million to $1 billion in proceeds.
In April, the Reko Diq Joint Venture shareholders approved an updated feasibility study and conditionally green-lit the Phase-1 development, contingent on securing up to $3 billion in project financing.
The meeting also included discussions on upgrading the ML-1 and ML-3 railway lines and the broader development of Pakistan Railways to meet the future needs of transportation and cargo services. PM Shehbaz emphasized that Pakistan Railways plays a critical role as the backbone of the country’s economy and communication systems, citing its cost-effectiveness, speed, and environmental benefits.
He highlighted the potential for growth in Balochistan’s mining and minerals sector and the creation of new employment opportunities for local residents once the railway network is connected to the Reko Diq project.
