ISLAMABAD – In a positive development on the economic front, Saudi Arabia is interested in investing $1 billion into the undeveloped copper and gold Reko Diq project.
Reko Diq is a leading copper-gold mining project located in mineral mineral-rich region of Balochistan. The project is known for its vast mineral resources, with estimates suggesting it could contain some of the world’s largest undeveloped copper and gold deposits.
Lately, Riyadh has shown interest in investing $1billion dollars in Reko Diq gold and copper project.
Sources familiar with the development told the media that Pakistan is selling a big chunk of shares of Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL) to Saudi Arabia.
In this regard, the Pakistani premier will form a committee comprising officials from the finance ministry, OGDCL, PPL, and the energy ministry to oversee Saudi investment in the Reko Diq project.
The committee will visit the Kingdom for final negotiations, and an inter-governmental agreement for investment in the Reko Diq project will be signed between Islamabad and Riyadh.
Reko Diq is one of the largest untapped reserves of copper and gold globally. Pakistan and Barrick Gold Corporation signed an $8 billion agreement on the Reko Diq project last December, and the project is now being restarted after being on hold since 2011.
