ISLAMABAD:

Pakistan on Thursday revised upward the cost of the first phase of the Reko Diq copper and gold mines project for the second time in six months. The cost has now jumped 79% to $7.7 billion from the initial estimate due to higher cost of loans being taken for the project and to offset any future price shocks.

The Economic Coordination Committee (ECC) of the Cabinet approved the second revision in the total cost of the first phase of the project. Finance Minister Muhammad Aurangzeb chaired the meeting. The ECC also cleared signing of implementation agreements to formally launch the strategically important project.

In addition, the ECC approved sovereign guarantees to support a $390 million loan to be taken by the Reko Diq Mining Company to finance Pakistan Railways for construc

See Full Page