KSA to Invest $1bn in Reko Diq Project
Islamabad: Next month, Saudi Arabia is expected to invest $1 billion in the Reko Diq mining project in the Chagai district of Balochistan, Pakistan.
The imminent Saudi investment is anticipated to provide additional momentum to Pakistan’s mining industry, a vital sector of the nation’s economy.
As a prelude to this significant investment, the Special Investment Facilitation Council (SIFC) of Pakistan has diligently worked to identify and eliminate any possible barriers.
Furthermore, measures are being implemented by Prime Minister Shehbaz Sharif to guarantee the efficient management of this investment.
His objective is to form a committee comprising all pertinent stakeholders under the Finance Ministry of Pakistan. The primary aim of this committee is to streamline and finalize the Saudi investment process.
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Prior to this, Mark Bristow, CEO of Barrick Gold Corporation, mentioned the possibility of Saudi Arabia acquiring a stake in Reko Diq in November 2023.
Saudi Arabia would acquire a portion of the company through this prospective equity acquisition, a move that Barrick Gold, the second-largest gold producer in the world, endorses.
The investment in Reko Diq is merely one component of a more extensive mining sector collaboration between Pakistan and Saudi Arabia.
It is anticipated that forthcoming agreements will facilitate the expansion of Saudi Arabia’s involvement in Pakistan’s energy sector, potentially encompassing investments in prominent Pakistani energy corporations like the Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL).
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