ISLAMABAD: Pakistan’s flagship Reko Diq copper and gold mining venture is set to achieve long-awaited financial closure by late September or early October, according to senior officials, marking a milestone for the country’s mining and investment sector.

Situated in Balochistan’s Chagai district, the project is projected to generate nearly $74 billion in free cash flows over a 37-year span, positioning it as a cornerstone of Pakistan’s future economic framework.

At recent Annual General Meetings, the boards of state-owned OGDCL, PPL, and GHPL formally approved an additional $715 million in costs, bringing the total to $7.48 billion. The revised figure accounts for inflation, commodity price volatility, and lender-imposed contingencies. Officials, however, stressed that strict cost discipline could still keep execution within the original $6.765 billion estimate.

Construction is slated to begin in December 2025, with commercial production targeted for 2028. The project’s financing plan rests on a 50:50 equity-to-debt ratio, providing room for both domestic and international investment without excessive borrowing. Oversight lies with the Reko Diq Mining Company (RDMC), a special-purpose entity jointly owned by Barrick Gold and the governments of Pakistan and Balochistan.

Barrick Gold, the lead operator, controls 50 percent of the venture. The remaining half is split equally, with the Government of Pakistan holding its share through OGDCL, PPL, and GHPL, while the Government of Balochistan retains 25 percent. That provincial share includes a 10 percent free-carried interest and 15 percent fully funded equity underwritten by the federal government, ensuring Balochistan’s participation without financial exposure.

The project has already drawn major international financiers. The International Finance Corporation (IFC) has committed $700 million, including a $400 million subordinated loan secured on the balance sheets of Pakistan’s SOEs—structured without sovereign guarantees, a first for projects of this scale. The Asian Development Bank (ADB) has followed with a $300 million loan, its first mining-sector financing in four decades, along with a $110 million credit guarantee to strengthen Balochistan’s stake.

Talks are also advancing with US EXIM Bank, Export Development Canada, and Japan Bank for International Cooperation (JBIC), with further commitments expected soon.

Beyond mining, RDMC has pledged $350–400 million in bridge financing for Pakistan Railways’ ML-2 and ML-3 upgrades, creating a direct link from the mine to Port Qasim for mineral exports. The upgrades are expected to be ready by the time production begins in 2028.

Muneer Baig

Lahore – The historic Neela Gumbad is set for a Rs. 2.45 billion redevelopment to ease traffic, resolve parking woes, and revive its cultural value.

Located near Anarkali and King Edward Medical College, the site houses the 17th-century shrine of Sheikh Abdul Razzak Maki. Despite its heritage, the area has long suffered from congestion and encroachments.

TEPA’s plan includes a three-level underground facility over 16 kanals: two basements for 374 cars and 790 motorcycles, and one for 69 shops. The project will also feature walkways, elevators, CCTV, and firefighting systems.

With Rs. 300 million already released, work is expected to finish in 18 months, transforming Neela Gumbad into Lahore’s first fully walk-friendly zone and a new cultural landmark.

Muneer Baig

Islamabad: The Pakistan Housing Authority Foundation (PHAF) has launched fast-paced development and construction activities at the site of PHAF Residencia in Peshawar, in collaboration with the Khyber Pakhtunkhwa Housing Authority (KPHA).

According to the agreement between the two bodies, work on the boundary wall, main boulevard, and main entrance is already underway. To strengthen security at the site, a permanent police station has been established, with deployment carried out by the Khyber Pakhtunkhwa government.

Spread across more than 8,000 kanal, PHAF Residencia is being described as one of the largest government-led housing projects not only in Khyber Pakhtunkhwa but also nationwide. The initiative is a joint venture of the federal and provincial governments and is being positioned as a secure and reliable investment in the housing sector.

The project is situated on Kohat Road, about 15 kilometers from Peshawar city, and will feature over 8,000 residential units, including grey structures and apartments, divided into categories I, II, III, and IV. Development will take place in four phases, with contracts for 400 housing units already awarded out of 885 planned in the first phase. Heavy machinery has been mobilized to accelerate the work.

Meanwhile, PHAF has urged allottees and members to begin paying their dues under the three-year installment schedule. Officials noted that timely contributions will ensure smooth financial flows, allowing construction and development to continue without delays.

Muneer Baig

Beijing: The Pakistan–China B2B Investment Conference in Beijing concluded with the signing of agreements worth USD 8.5 billion, signaling a major boost in bilateral economic cooperation. The event, reported by China Economic Net (CEN), marked a significant step toward strengthening trade and industrial partnerships between the two countries.

The conference, held on September 4 at the China World Hotel, was the second edition of the forum and brought together leading business figures from Pakistan and China. Prime Minister Shehbaz Sharif, who addressed the gathering, hailed the outcome as a “long march of economic growth.” He assured participants that he would personally oversee facilitation for investors, stressing that unnecessary delays in approvals would not be tolerated.

Out of the total commitments, USD 7 billion were finalized through Memorandums of Understanding (MoUs), while USD 1.54 billion was secured in joint ventures. The agreements cover a wide range of sectors including agriculture, textiles, electric vehicles, solar power, healthcare, chemicals, minerals, and steel.

Pakistani delegates — including Osama Abid of Al-Hammd International, Engr. Asad Ahmed of PMDC, and Kashif Mehtab Chawla of Al-Karam Textiles — highlighted Pakistan’s advantages such as abundant raw materials, a competitive workforce, and GSP+ trade access to Europe. They also pointed out challenges in regulation, outdated machinery, and logistical infrastructure.

On the Chinese side, Ren Hongbin of the China Council for the Promotion of International Trade (CCPIT) and Xu Guimin of Zhongjing Kehui emphasized that leveraging China’s industrial know-how in Pakistan could generate mutual benefits, provided facilitation and streamlined processes continue.

To address investor concerns, Pakistani officials highlighted the establishment of the Special Investment Facilitation Council (SIFC), designed to accelerate approvals and guarantee state-level support for foreign investors.

Participants agreed that beyond the financial commitments, the agreements represent a long-term shift toward positioning Pakistan as a regional manufacturing hub, driven by Chinese capital, technology transfer, and industrial cooperation.

Muneer Baig

Islamabad: The Islamabad Chamber of Commerce and Industry (ICCI) has announced that a shopping festival will be organized in Blue Area in collaboration with the Traders Welfare Association to encourage business activity and provide citizens with reasonably priced shopping options.

ICCI President Ahsan Zafar Bakhtawari, while speaking to a delegation of the Traders Welfare Association led by its President Raja Hassan Akhtar, said that Blue Area is the capital’s largest commercial hub and plays an important role in the national economy. He added that the festival would not only promote trade but also attract more visitors to the market.

Bakhtawari pointed out that traders face serious challenges in Blue Area, particularly insufficient parking arrangements. He proposed that temporary parking should be allowed on the green belt along Fazal Haq Road until a permanent parking plaza is built. He also called on the Capital Development Authority (CDA) to resolve civic issues, including outdated sewage systems and non-functioning streetlights.

Raja Hassan Akhtar stressed the need to address infrastructure shortcomings such as parking, drainage, and lighting. He also suggested developing a flower market and ensuring proper maintenance of greenery in the area. He assured ICCI of full cooperation from traders, acknowledging that efforts under Bakhtawari’s leadership had strengthened coordination with the business community.

Khalid Iqbal Malik, Group Leader ICCI, noted that the Blue Area Traders Welfare Association is one of the most influential bodies in trade politics, with a larger membership than other markets. He reaffirmed ICCI’s support for traders and urged CDA to take practical steps to address their concerns.

ICCI leaders said they expect CDA’s collaboration in resolving key infrastructure issues, adding that such measures would not only facilitate business activity but also contribute to the success of the planned shopping festival.

Muneer Baig

Islamabad: The Federal Board of Revenue (FBR) has declared that businesses not integrating their billing systems with its electronic platform will face strict financial penalties from September 1, 2025.

In line with Section 25A of the Sales Tax Act, 1990, registered taxpayers — including importers, listed companies, and firms recording an annual turnover above PKR 1 billion during the past twelve tax periods — are bound to issue digital invoices carrying an FBR verification number, QR code, and logo.

The enforcement mechanism prescribes fines of PKR 500,000 for the first violation, escalating to PKR 1 million, PKR 2 million, and eventually PKR 3 million for repeated non-compliance.

Tax consultants have cautioned that any invoice generated outside the official system after the September deadline will be considered invalid. Purchasers of such invoices will also lose the right to claim input adjustments, directly impacting their compliance status and tax credits.

While major corporations and publicly listed enterprises are believed to be in a stronger position to comply with the new rules under SRO 1413(I)/2025, small and seasonal importers may struggle to meet the integration deadline.

Advisors have urged the revenue authority to provide additional relief, particularly in view of the widespread flooding that has disrupted commercial activity nationwide. However, they also underscored the urgency for taxpayers to adopt e-invoicing, which is expected to eliminate fake and “flying” invoices.

The FBR has maintained that the transition is aimed at tightening documentation, improving enforcement, and curbing revenue losses within the sales tax regime.

Anns Ahmed

chakorventures.com

Lahore: Acting on the directives of the Chief Minister, the Punjab government has launched a large-scale plantation and environmental conservation programme under the “Friends of Forest” banner. The initiative is designed to increase tree cover, promote eco-tourism, and improve forest protection through modern monitoring technologies.

The drive was formally inaugurated at Jallo by Parliamentary Secretary for Forests Kanwal Liaqat. Under the Chief Minister’s “Plant for Pakistan” scheme, over 51 million trees are set to be planted across 50,869 acres. Parallel efforts under the CM Agroforestry Initiative include the cultivation of 1.37 million saplings on nearly 3,800 acres of barren forest land. In addition, the Green Pakistan Programme has been scaled up with a target of 466 million trees over 251,000 acres, while five million saplings will be planted along more than 10,000 miles of canal banks.

Eco-tourism development is also a key focus, with new facilities planned at Lal Suhanra National Park and the Salt Range. A LEED-certified eco-friendly complex is under construction to house both visitors and staff. Supporting infrastructure includes wireless connectivity, GPS tracking, CCTV systems, and digital surveillance for effective management.

In hill stations such as Murree and Kahuta, the “Shielding Summits” programme has been initiated to mitigate natural hazards. This includes the induction of 600 fire watchers, deployment of fire-fighting vehicles, construction of watchtowers, restoration of forest trails, and the installation of water tanks to safeguard natural springs.

The Forest Department is adopting high-tech monitoring solutions, including a GIS-based system with drones, satellites, and LiDAR to detect wildfires and encroachments at an early stage. Forestry records are being digitised, while operations are being mechanised with modern equipment. A province-wide network of 104 command and control centres is now functional to ensure round-the-clock vigilance.

Forest Director General Azfar Zia said these innovations would considerably enhance real-time protection and management of forest resources. Environmental expert Dr. Salman Tariq, while welcoming the scale of the plan, advised caution against planting in flood-hit areas, warning that saplings risk being washed away before taking root. He urged delaying drives in inundated regions until water levels subside.

Officials stressed that the campaign underlines the Punjab government’s resolve to strengthen climate resilience, protect natural ecosystems, and promote environmentally responsible tourism.

Anns Ahmed

chakorventures.com

Lahore: The Punjab government has given the green light to a large-scale project aimed at strengthening flood defenses along the Ravi River. The initiative seeks to protect Lahore’s population from the recurring threat of seasonal flooding.

According to officials from the Ravi Urban Development Authority (RUDA), the scheme carries an estimated cost of PKR 214 billion. Of this amount, PKR 150 billion will be financed through a government loan, while RUDA will contribute PKR 64 billion from its own resources.

The plan includes construction of a 90-kilometre-long protective embankment on both banks of the river. The retaining wall will measure 300 feet in width and stand 27 feet high, with water-regulating structures designed to control river flow and minimize the risk of inundation.

The decision was formally endorsed during a meeting chaired by the Secretary of Housing, with senior RUDA representatives present.

Officials expressed confidence that the project will not only safeguard urban communities but also enhance Lahore’s long-term resilience against climate-related flooding challenges.

Anns Ahmed

chakorventures.com

Islamabad: The Capital Development Authority (CDA) has given the green light to a sweeping upgrade of Islamabad’s emergency services, promising faster response times, modern equipment, and stronger coordination across the capital.

The decision came during the 15th CDA Board meeting held on Wednesday under the chairmanship of Muhammad Ali Randhawa. Among the key measures approved is the establishment of 12 new rescue stations strategically placed throughout the city. To further boost rapid intervention, a motorbike rescue fleet of 50 bikes will soon hit the roads, ensuring first responders can reach critical incidents without delay.

To strengthen the system from within, the Board endorsed a fresh recruitment drive and professional training programs for rescue staff. In addition, the National Disaster Management Authority (NDMA) will be consulted to vet and standardize the new equipment being acquired.

A major highlight of the plan is the creation of a state-of-the-art Emergency Operations Center (EOC) to enhance monitoring, communication, and inter-agency coordination. The CDA also approved procurement of modern rescue vehicles, specialized water rescue vans, and advanced gear to better handle complex emergencies.

Institutional reforms are also underway, with the Board approving the finalization of the Capital Emergency Service Regulations, ensuring that the upgraded framework becomes a permanent part of the city’s governance. Chairman Randhawa stressed that “all available resources must be utilized to equip emergency services with cutting-edge facilities to safeguard citizens more effectively.”

Beyond emergency management, the meeting cleared several strategic initiatives. These include appointing a consultant to help CDA secure carbon credits for its conservation projects—covering afforestation, pollution control, and forest preservation—bringing the authority’s environmental efforts in line with global conventions.

The Board also decided to engage consultants for the design and planning of Phase I of the Jinnah Medical Complex, while simultaneously allocating land for a new teaching hospital in Islamabad, further expanding the city’s healthcare infrastructure.

Anns Ahmed

chakorventures.com

Strategic allocations prioritise Rawalpindi Ring Road, Nullah Leh, and sustainable infrastructure projects

Rawalpindi: The Rawalpindi Development Authority (RDA) has finalized its annual budget for the fiscal year 2025–26, setting the outlay at PKR 3,953 million. The Finance Sub-Committee, chaired by RDA Director General Kinza Murtaza, reviewed and approved the estimates before submitting them to the Government of Punjab for final approval.

The budget preparation involved representatives from the Finance Department, the Planning & Development (P&D) Department, and the Housing, Urban Development & Public Health Engineering (HUD&PHE) Department. Officials emphasized the need to align financial planning with Rawalpindi’s long-term urban and infrastructure needs.

In addition to the annual budget, PKR 8,808 million has been earmarked for ongoing and new development schemes, marking a strong push toward sustainable growth. Key initiatives include the Rawalpindi Ring Road (R3 Project) with an allocation of PKR 32,997.054 million, the Nullah Leh Project worth PKR 1,000 million, and Ring Road Phase II feasibility and design works, also allocated PKR 1,000 million.

DG RDA Kinza Murtaza highlighted that the proposed financial plan reflects the authority’s commitment to boosting infrastructure and ensuring sustainable development, positioning Rawalpindi as a modern, livable city for the future.

Anns Ahmed

chakorventures.com