Saudi Arabia offers 15% investment in Reko Diq project

ISLAMABAD: Saudi Arabia has offered fifteen percent investment in the mega Reko Diq gold and copper project, ARY News reported.

The Kingdom has also offered grants to build road infrastructure around the Reko Diq project.Special Investment Facilitation Council has approved the structure of the offer but the final decision has been left to the Cabinet Committee on Intergovernmental Transactions.

Pakistan expects Saudi investment of up to five billion dollars in mining and agriculture sector by June next year.

Last year in December, Pakistan and Barrick Gold Corporation have signed $8 billion landmark agreement on project after Supreme Court (SC) termed the deal ‘legal’.

The $8 billion landmark agreement was signed by Reko Diq Gold Corporation representative and federal and Balochistan government representatives.

READ: Reko Diq project to be game changer for Balochistan: PM Shehbaz

The Supreme Court (SC) of Pakistan on Dec 9 ruled that new deal on the gold and copper mining project in Balochistan is legal.

Reko Diq is considered one of the world’s largest undeveloped copper-gold mines. The project is being restarted after remaining on hold since 2011.

“Reko Diq is one of the bigger copper-gold undeveloped projects in the world,” said Mark Bristow, chief executive of Barrick, which aims to start mining in 2028 subject to an ongoing feasibility study. “It’s a very big deal. Any copper mine right now is a big deal.”