Saudi Arabia is reportedly poised to invest up to $1 billion in the “Reko Diq” project for gold and copper mining in Pakistan next month, as reported by the Express Tribune, citing officials from the Pakistani Ministry of Finance who were not specified.
Barrick Gold Corporation holds a 50% stake in the project, while the remaining share is held by the Pakistani government through stakeholders, including Oil & Gas Development Company Limited and Pakistan Petroleum Limited, both state-owned.
The officials were quoted saying that Pakistan will offer the stakes of the two mentioned Pakistani companies to Saudi Arabia, with an announcement expected next month.
Prime Minister Shahbaz Sharif will form a committee comprising representatives from the two companies and officials from the finance and energy ministries for this purpose, with its members traveling to Saudi Arabia for final discussions on the investment.
The “Reko Diq” project is located in the Chagai area of Balochistan province.
The previous Pakistani government considered this mining project a game-changer and proposed that Balochistan could receive financial benefits up to 33% from it.
