https://arab.news/8sasx
- Located in Pakistan’s Balochistan, Reko Diq contains one of biggest copper, gold deposits in world
- The project has the potential to produce a large amount of these precious commodities for decades
ISLAMABAD: Saudi Arabia is likely to invest $1 billion in Reko Diq copper and gold mine project in Pakistan’s southwestern Balochistan province, Pakistani state media reported on Sunday.
Located in the Chagai district, Reko Diq contains one of the biggest undeveloped copper and gold deposits in the world, with the potential to produce a large amount of these precious commodities for decades.
The project is owned 50 percent by Canada-based Barrick Gold Corporation, 25 percent by three federal state-owned enterprises, 15 percent by Balochistan on a fully funded basis, and 10 percent by Balochistan on a free carried basis, according to Barrick.
“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,” the state-run Radio Pakistan broadcaster reported.
“Special Investment Facilitation Council is trying to remove obstacles in this regard.”
Pakistan set up the SIFC, which also includes its army chief, in June last year with the sole purpose of reviving the frail economy, dented by low foreign exchange reserves, currency depreciation and record inflation.
In the subsequent months, Islamabad signed a number of bilateral agreements with brotherly countries in the Middle East during high-level engagements by caretaker PM Anwar-ul-Haq Kakar and Army Chief General Asim Munir.
Prime Minister Shehbaz Sharif will soon constitute a committee comprising finance ministry officials and all stakeholders in order to ensure smooth completion of the Saudi investment, according to the Radio Pakistan report.
“Following this investment, Pakistan and Saudi Arabia will sign agreements for further investment in the mining sector,” the report read.