Saudi Arabia Proposes 15% Stake in Reko Diq Project
ISLAMABAD: Saudi Arabia has put forward a proposal to invest 15% in the Reko Diq gold and copper project, according to ARY News. The Kingdom has also offered grants to enhance road infrastructure around the site.
The Special Investment Facilitation Council has approved the preliminary structure of the offer, but the final decision will be made by the Cabinet Committee on Intergovernmental Transactions.
Pakistan is anticipating Saudi investments of up to $5 billion in the mining and agriculture sectors by June next year.
In December of the previous year, Pakistan and Barrick Gold Corporation finalized an $8 billion deal for the Reko Diq project after the Supreme Court affirmed its legality. The agreement was signed by representatives from Reko Diq Gold Corporation, as well as federal and Balochistan government officials.
The Supreme Court’s ruling on December 9 deemed the new deal for the Balochistan-based gold and copper project legal. Reko Diq is renowned as one of the world’s largest undeveloped copper-gold mines, and the project is resuming after a hiatus since 2011.
Mark Bristow, CEO of Barrick Gold, emphasized the significance of the Reko Diq project, stating, “Reko Diq is one of the bigger copper-gold undeveloped projects in the world. It’s a very big deal. Any copper mine right now is a big deal.” Mining operations are projected to commence in 2028, pending the results of an ongoing feasibility study.
