Saudi Arabia ‘Interested’ in Acquiring Pakistan Stakes in Reko Diq Mine

Saudi Arabia ‘Interested’ in Acquiring Pakistan Stakes in Reko Diq Mine

According to the latest update, the Kingdom of Saudi Arabia has shown interest in taking government shares in “Reko Diq Mine”. The mine consists of gold and copper and is worth $7 billion. KSA has ensured an ongoing evaluation process that is expected to be completed by December 25, 2023, before the start of the new year.

Read  More: ABAD: UAE Real Estate Company Invests Billions In Pakistan

The details indicate that the Balochistan Government and Pakistani Government both own 50% of the Reko Diq Mine, with the remaining 50% owned by Barrick Gold Corp. The mine has served as a hub for investment and strategic partnerships, and Barrick has identified it as one of the most undeveloped copper-gold regions in the world.

Importantly, Barrick has already committed to investing USD 10 Billion in the project, although the specific valuation and the identity of the foreign advisors are not yet known. In August, Barrick said it was willing to work with Saudi Arabia as a partner. After the assessment, Islamabad plans to hold talks with Riyadh to discuss possible terms and parameters of collaboration. The Saudi government has not responded to inquiries at this time.

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