Biafo signs deal to provide explosives for Reko Diq mining

Biafo Industries Limited has inked a contract with Reko Diq Mining Company to supply explosives and related civil blasting services for the pre-mining initial infrastructure development at the mining site, according to a recent stock filing.

Biafo, a manufacturer and seller of commercial explosives and blasting accessories, including detonators and other materials, will provide critical services for the project.

Reko Diq Mine, a substantial venture, is jointly owned by Canadian miner Barrick Gold (50%), three federal state-owned enterprises – Government Holdings (Private) Limited (GHCL), Oil and Gas Development Company Limited (OGDCL), and Pakistan Petroleum Limited (PPL) (25%) – and the Government of Balochistan (15%).

In recent developments, Barrick Gold reported that proven and probable gold reserves at the end of 2024 surged 23% to 17.4 million ounces, buoyed by its Reko Diq copper-gold project.

The company added 13 million ounces of gold to its probable reserves on an attributable basis following the completion of its feasibility study at Reko Diq.

In related news, TPL Trakker announced the completion of the transfer of a 50.1% equity stake in Trakker Middle East LLC to the Gargash Group.