Saudi Arabia Offers 15% Investment in Reko Diq Project

Saudi Arabia has proposed a 15% investment in Pakistan’s mega Reko Diq gold and copper project, alongside offering grants to develop road infrastructure around the site. The Special Investment Facilitation Council has approved the structure of the offer, but the final decision will be made by the Cabinet Committee on Intergovernmental Transactions.

Pakistan anticipates Saudi investments of up to $5 billion in the mining and agriculture sectors by June next year.

In December of last year, Pakistan and Barrick Gold Corporation signed a landmark $8 billion agreement to develop the Reko Diq project, following the Supreme Court’s ruling deeming the deal legal. The agreement was signed between representatives of Reko Diq Gold Corporation and both the federal and Balochistan governments.

Reko Diq, located in Balochistan, is regarded as one of the world’s largest undeveloped copper and gold mines. The project, which had been on hold since 2011, is being restarted. Barrick’s CEO, Mark Bristow, described the project as one of the largest undeveloped copper-gold projects globally, with the company aiming to begin mining operations by 2028, pending the completion of an ongoing feasibility study.