Pakistan and Saudi Arabia are nearing the finalisation of a multibillion-dollar agreement on the Reko Diq project, with key details expected to be resolved in the coming months.
The News reported, citing official sources, that revised project valuations have been completed, and both sides are negotiating the finer points of the deal.
Saudi Arabia is set to acquire an initial 10% stake in the Reko Diq mining project, with the possibility of increasing its share in the future.
A major hurdle in the negotiations was recently resolved, as Saudi authorities had initially requested that a foreign exchange account for machinery procurement be maintained outside Pakistan.
Both sides have now agreed that the foreign exchange will be brought into Pakistan, and a broader agreement has been reached on this matter.
“The deal is in its final stages and could be concluded soon, though no specific timeframe has been set,” a senior official involved in the negotiations.
The revised valuation of project shares has also resulted in improved figures, according to the official. The updated valuation results have been shared with Saudi authorities, and discussions are progressing toward a conclusion.
Reko Diq, one of the world’s largest undeveloped copper and gold mines, has been a focal point for investment discussions between the two nations, with both sides aiming to strengthen economic ties through this significant project.
