Saudi Arabia has offered to invest 15% in Pakistan’s Reko Diq gold and copper project. Along with this, they are also providing financial support for building roads and infrastructure around the project.
The Special Investment Facilitation Council has approved the investment structure, but the final decision still needs approval from the Cabinet Committee on Intergovernmental Transactions.
Pakistan is hopeful of receiving up to $5 billion in investment from Saudi Arabia in the mining and agriculture sectors by June next year. The Reko Diq project is known to be one of the largest undeveloped copper and gold mines in the world.
After being halted since 2011, the project was restarted in December last year when Pakistan reached an $8 billion agreement with Barrick Gold Corporation and the federal and Balochistan governments.
The plan is to begin mining operations by 2028, depending on the outcome of an ongoing feasibility study. Mark Bristow, the CEO of Barrick Gold, has highlighted the importance of this project, stating that Reko Diq is one of the largest undeveloped copper-gold projects globally and that any copper mine is highly valuable at this time.
