Reko Diq Gold Mine: Saudi Arabia to Invest $1B

The Reko Diq gold and copper mine project is set to receive an investment of up to $1 billion from the Kingdom of Saudi Arabia.

Insiders familiar with the matter have disclosed that the investment will materialize through Saudi Arabia acquiring shares in key Pakistani entities involved in the project.

Finance Ministry insiders have revealed that, as part of the deal, Saudi Arabia intends to purchase shares of Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), and Government Holdings (Private) Limited, collectively owning a 10 percent stake in the Reko Diq mine.

To oversee the Saudi investment in Reko Diq, the Ministry of Finance will establish a committee chaired by Prime Minister Shehbaz Sharif.

This committee is expected to comprise representatives from the Ministry of Finance, OGDCL, PPL, the Ministry of Energy, and other pertinent stakeholders.

Sources further disclosed that a comprehensive summary outlining the investment proposition will be presented to Prime Minister Shehbaz Sharif for review.

Following this, the committee will be constituted, and committee members are anticipated to embark on a journey to Saudi Arabia for final negotiations and discussions with Saudi counterparts.

The impending agreement between Pakistan and Saudi Arabia is expected to mark Riyadh’s entry as a significant investor in the Reko Diq gold and copper mine project.

This landmark development underscores the strengthening bilateral relations and economic cooperation between the two nations.

Prime Minister Shehbaz Sharif’s proactive approach in facilitating such strategic investments reaffirms Pakistan’s commitment to fostering a conducive environment for foreign investment and economic growth.

As negotiations progress and agreements are finalized, the Reko Diq project stands poised to witness enhanced infrastructure and operational capabilities, thereby contributing to the economic prosperity and development of the region.