Business
Reko Diq project set to get $3.5b loan | The Express Tribune
Pakistan has already chalked out a $1.9 billion funding plan to execute the Reko Diq copper and gold mining project. Total project funding has been estimated at $4.297 billion. Photo: File
ISLAMABAD:
Petroleum Minister Ali Pervaiz Malik said on Thursday that the Reko Diq Mining Company was very near to achieve financial close with $3.5 billion loans lined up, as the company’s local executive vowed to complete the $7 billion first phase of the project in the next three years.
The Reko Diq Mining Company is very close to achieving the financial close and raising $3.5 billion in debt, said Malik while speaking about prospects of Pakistan’s mining sector during a seminar organised by the Pakistan Business Council (PBC).
The minister’s statement came days after the US Export-Import (Exim) Bank board approved a $1.25 billion loan for the Reko Diq mine, as part of the US Congress’s larger plan to invest $100 billion to secure global mineral supplies.
The total cost of the project is estimated at $7.7 billion, which includes $3.5 billion in debt from 11 international banks and organisations.
Zarar Jamali, Country Manager of Reko Diq Mining Company, said that the $3.5 billion financing has been secured from 11 banks, including Japan, Canada and the United States. Jamali said that the first export shipment is targeted for the first quarter of 2029.
There have been high hopes that Reko Diq miners can solve Pakistan’s external sector problems. But the petroleum minister watered down claims of $7 trillion worth of mineral reserves in Pakistan, saying that “$7 trillion is a presumed value, as it neither has been measured nor calculated”. He cautioned against attaching so many hopes to the $7 trillion figure and said that it takes about a decade to complete one mining project.
Malik said that the government spent the past year standardising the legal, regulatory and safety regulations in the light of feedback received from foreign investors.
Pakistan has already revised upwards 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 the higher cost of loans being taken for the project and to offset any future price shocks.
Zarar Jamali said that the first phase of construction at Reko Diq mines is going on with an estimated investment of $5.5 billion to $6 billion.
While commenting on the Barrick Company split, Jamali said that Barrick has not performed as well as other mining companies. “Barrick has given a statement that it would stay here. We have secured the financing and we are going ahead with the project,” said the local executive.
Barrick’s board has recently raised the possibility of splitting the company into two entities: one focused on North American assets and the other on assets in Africa and Asia.
Barrick’s interim chief executive officer also recently stated that the company remained committed to its Reko Diq copper project in Pakistan.
Muhammad Ali Tabba of the Lucky Group emphasised the need to set up smelting plants of copper and gold in Pakistan, brushing aside the perception that these facilities were unviable. He spoke against exporting raw materials and called for exporting only refined value-added products.
Millions of tonnes of raw material should not be exported, which will be more hazardous and involve security concerns too, said Tabba.
Ali Pervaiz Malik said that to run a smelter on a sustainable basis, there is a need for continued supplies of raw material.
Pakistan is on the verge of operationalising two mining projects – about $8 billion worth of Reko Diq and over $1.5 billion worth of Siadiq project, said Shamsuddin Sheikh, Chief Executive Officer of National Resources Limited. He said that both of these projects are expected to begin operations before the end of 2030.
Col Hamid Ashraf, Adviser to the Geological Survey of Pakistan, said that there was a need to give fiscal incentives for mining to tap the $7 trillion reserves and set a better internal rate of return on investment.
The petroleum minister said that it would be difficult to give fiscal incentives under the IMF programme. In her closing remarks, Dr Zeelaf Munir, Chairperson PBC, stated, “Pakistan’s economic future depends on resilience, reform and responsible partnership. No institution can deliver progress alone; all the stakeholders need to believe in business.”
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The layoffs account for 3-4% of Flipkart’s workforce, which is higher than the company’s practice of letting go of 1-2% of employees in the lowest performance bracket every year.
Flipkart Layoffs 2026.
Flipkart Layoffs 2026: Flipkart, the Walmart-owned e-commerce giant, has reportedly asked around 400-500 employees to exit the company this year following its annual performance review process. According to a report by The Economic Times, the layoffs account for roughly 3-4% of Flipkart’s workforce, which is higher than the company’s usual practice of letting go of 1-2% of employees in the lowest performance bracket every year.
Why Has Flipkart Laid Off Employees?
Responding to queries, Flipkart said the move is part of its routine evaluation process. “Flipkart conducts regular performance reviews aligned with clearly defined expectations. As part of this process, a small percentage of employees may transition from the organisation. We are supporting affected employees with transition support,” the company said, according to Mint.
Layoffs Across Teams, Hiring Continues For Senior Roles
The job cuts have reportedly impacted employees across multiple departments and job levels. At the same time, the company continues to recruit senior executives as it prepares for a potential initial public offering (IPO).
According to a report by ANI, Flipkart has recently strengthened its leadership team with several senior appointments.
These include Somnath Das as vice-president (supply chain), Digbijay Mishra as vice-president (corporate communications), Vipin Kapooria as vice-president (business finance), Yogita Shanbhag as vice-president (human resources), and Amer Hussain as vice-president (supply chain for its grocery and quick-commerce businesses).
Flipkart Preparing For India IPO
In December 2025, Flipkart received approval from the National Company Law Tribunal to shift its legal domicile from Singapore to India, a key step ahead of a potential domestic listing.
The restructuring involved merging eight Singapore-based entities into Flipkart Internet Pvt Ltd, simplifying the group’s holding structure across businesses such as fashion, health and logistics.
Loss Widens Despite Revenue Growth
Financial data shows that Flipkart continues to expand its business, although losses have widened.
According to data from Tofler, Flipkart India reported a consolidated loss of Rs 5,189 crore in FY25, compared with Rs 4,248.3 crore in FY24.
However, revenue from operations rose 17.3% to Rs 82,787.3 crore, up from Rs 70,541.9 crore a year earlier.
Total expenses also increased 17.4% to Rs 88,121.4 crore, largely due to higher stock-in-trade purchases, which climbed to Rs 87,737.8 crore, compared with Rs 74,271.2 crore in the previous financial year.
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March 07, 2026, 14:51 IST
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Global businesses are feeling the impact of the escalating conflict between the United States, Israel, and Iran, as rising energy prices and disrupted trade routes create uncertainty across markets.
Oil and Energy Prices Surge
The conflict has triggered a sharp rise in global oil and gas prices. Brent crude prices have climbed close to $90 per barrel, raising concerns among businesses and policymakers about inflation and higher operating costs.
Industry leaders warn that prolonged price increases could affect nearly every sector of the global economy.
Higher fuel costs are already pushing up prices for transportation, manufacturing, and consumer goods.
Trade Routes Under Pressure
Shipping routes through the Strait of Hormuz, which handles about 20% of global oil supplies, have slowed significantly as tensions escalate.
Air travel routes across the Gulf have also been disrupted, creating delays for cargo shipments and international flights.
Industries Facing Supply Disruptions
Several industries are beginning to feel the effects:
Aluminium production has been disrupted as shipments through the Gulf face restrictions.
Helium supplies, crucial for semiconductor manufacturing, could also be affected.
Chemical and energy-intensive industries in Europe are already reducing production due to rising gas prices.
The Gulf region accounts for roughly 8% of global aluminium production, making any supply disruption a major concern for global manufacturing.
Businesses Prepare for Economic Impact
Major companies are now hedging energy costs and reviewing supply chains to manage the uncertainty.
Analysts warn that if oil prices reach $100 per barrel, global economic growth could slow significantly.
Some financial institutions estimate global growth could drop by 0.4 percentage points if the conflict persists.
Risk of Another Energy Crisis
Experts say the situation highlights how vulnerable global markets remain to geopolitical shocks.
Business leaders warn that energy volatility, supply chain disruption, and rising inflation could lead to a new global economic slowdown if the conflict continues for an extended period.
Business
Want To Buy A House In Karnataka? Know About The ‘Namma Mane’ Scheme With Affordable Housing & Subsidies
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The programme aims to make land ownership more accessible for eligible residents while supporting the government’s wider goal of providing housing for all.
Under the ‘Namma Mane’ housing scheme 50,000 residential plots will be distributed at concessional rates over the next two years.
What if owning a home became a little more achievable? In the latest Karnataka Budget, the state government has announced a series of housing initiatives aimed at expanding access to affordable homes and residential plots. From the ‘Namma Mane’ scheme offering concessional sites to increased subsidies for beneficiaries and plans for a massive sports complex in Anekal, the announcements signal a renewed push towards housing development across the state.
The Karnataka government has unveiled several housing and infrastructure initiatives in the latest state budget, including the distribution of thousands of residential plots and the construction of a large sports complex in Bengaluru’s Anekal taluk. The announcements are part of broader efforts to expand housing access and improve public infrastructure across the state.
Karnataka Budget Housing Scheme: Key Benefits
One of the key proposals is the introduction of the ‘Namma Mane’ housing scheme, under which 50,000 residential plots will be distributed at concessional rates over the next two years. The programme aims to make land ownership more accessible for eligible residents while supporting the government’s wider goal of providing housing for all.
The Housing Department has also set a new target of sanctioning one lakh houses under various housing schemes in the state. These houses will be approved based on the Beneficiary Led Construction (BLC) model, which allows eligible beneficiaries to construct their own homes with financial support from the government.
As part of this initiative, the government has increased the subsidy amount provided under housing schemes. For beneficiaries in the general category, the subsidy has been raised from Rs 1.20 lakh to Rs 2 lakh. Meanwhile, beneficiaries from Scheduled Castes and Scheduled Tribes will receive increased assistance, with the subsidy rising from Rs 2 lakh to Rs 3 lakh.
The budget also introduces a change in the process used to select beneficiaries for state housing schemes. Instead of the traditional manual lottery system, selections will now be conducted through an online lottery in Gram Sabhas. The move is expected to improve transparency and streamline the allocation process.
In addition to housing initiatives, the Karnataka Housing Board has announced plans to develop a major sports facility in Anekal taluk of Bengaluru Urban district. The project, titled ‘KHB Surya Krida Grama’, will include the construction of an 80,000-seat cricket stadium designed to host international sporting events.
Meanwhile, the Karnataka Slum Development Board is continuing the implementation of housing projects under the Pradhan Mantri Awas Yojana (AHP). A total of 1.29 lakh houses are being constructed under the scheme, with 79,134 homes dedicated for the year 2025–26. The state government has allocated an additional grant of Rs 1,136 crore to support the project, providing permanent housing to many slum residents.
Since the Congress government came to power, Rs 7,328 crore has been spent on various housing schemes. So far, 4,19,454 houses have been completed and handed over to beneficiaries. The government has set a target to complete three lakh houses during the current year.
Authorities have also stated that steps will be taken to complete the 4.90 lakh houses sanctioned by the previous government, even though they were approved without grants.
March 07, 2026, 10:51 IST
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