Saudi Arabia is poised to invest up to $1 billion in the Reko Diq Copper Gold project in Pakistan’s Chagai district, Balochistan next month.
This announcement was made by the Information Ministry and underscores a strengthening of economic ties between the two nations.
The forthcoming Saudi investment is expected to further boost Pakistan’s mining sector, which is a critical component of the country’s economy.
In preparation for this substantial investment, Pakistan’s Special Investment Facilitation Council (SIFC) has been actively working to address and remove any potential obstacles.
This proactive approach is aimed at ensuring a seamless investment process.
Additionally, Prime Minister Shehbaz Sharif is taking steps to ensure the effective administration of this investment.
He plans to establish a committee within the Finance Ministry that will include all relevant stakeholders in Pakistan. This committee aims to facilitate the execution and completion of the Saudi investment.
Previously, in November 2023, Barrick Gold Corporation’s CEO, Mark Bristow, mentioned the possibility of Saudi Arabia acquiring a stake in Reko Diq.
This potential equity purchase would involve partial ownership by Saudi Arabia, a move supported by Barrick Gold, the world’s second-largest gold producer.
The investment in Reko Diq is just a part of broader cooperation between Pakistan and Saudi Arabia in the mining sector.
Future agreements are expected to expand Saudi participation in Pakistan’s energy sector, including potential stakes in leading Pakistani energy companies such as the Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL).
“……Reko Diq is owned 50% by Barrick, 25% by three federal state-owned enterprises, 15% by the Province of Balochistan on a fully funded basis and 10% by the Province of Balochistan on a free carried basis.”
Saudi friends would buy from GOP equity r Barrack equity?
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