Saudi Arabia to invest $1b in Reko Diq project

A Saudi investment of up to one billion dollars is likely next month in the Reko Diq Copper Gold project located in Chagai district in Balochistan.

Special Investment Facilitation Council is trying to remove obstacles in this regard.

In order to ensure the smooth completion of Saudi investments, the Prime Minister will constitute a committee of Finance Ministry, comprising all stakeholders of country.

Following this investment, Pakistan and Saudi Arabia will sign agreements for further investment in the mining sector.

“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.”

Last year in December, Pakistan and Barrick Gold Corporation signed $8 billion landmark agreement on Reko Diq project.

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

A delegation of Barrick Gold during meeting a with Prime Minister Shehbaz Sharif provided an update on the project and stated that the feasibility study will be finished by the end of 2024.