Saudi Arabia is set to invest up to one billion dollars in the Reko Diq Copper Gold project situated in the Chagai district of Balochistan next month. The Special Investment Facilitation Council is actively working to address any obstacles hindering this investment.
To ensure the seamless progression of Saudi investments, the Prime Minister will establish a committee within the Finance Ministry comprising all relevant stakeholders in the country.
Following this investment, Pakistan and Saudi Arabia are expected to formalize agreements for further investment in the mining sector.
Mark Bristow, the chief executive of Barrick, characterized Reko Diq as one of the largest undeveloped copper-gold projects globally. Barrick aims to commence mining operations in 2028 pending the outcome of an ongoing feasibility study. Bristow emphasized the significance of the project, stating, “Any copper mine right now is a big deal.”
In December of last year, Pakistan and Barrick Gold Corporation signed a landmark $8 billion agreement concerning the Reko Diq project.
Reko Diq stands as one of the world’s largest undeveloped copper-gold mines. The project is being revived after a hiatus since 2011.
During a meeting with Prime Minister Shehbaz Sharif, a delegation from Barrick Gold provided an update on the project, affirming that the feasibility study is slated for completion by the end of 2024.
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