Saudi Arabia has extended an offer to acquire a 15% stake in Pakistan’s Reko Diq gold and copper project, accompanied by grants aimed at enhancing road infrastructure surrounding the site. The Special Investment Facilitation Council (SIFC) has approved the proposal’s structure; however, the final decision rests with the Cabinet Committee on Intergovernmental Transactions.
The Reko Diq project, located in Balochistan, is recognized as one of the world’s largest undeveloped copper-gold mines. Pakistan anticipates up to $5 billion in Saudi investment by June 2025, with the funds being directed towards the mining and agriculture sectors.
Reko Diq was reignited after an $8 billion agreement was signed last December between Pakistan, Barrick Gold Corporation, and both the federal and provincial governments of Balochistan. The project had been halted since 2011 and is now on track to commence mining operations by 2028, pending an ongoing feasibility study.
Mark Bristow, CEO of Barrick Gold Corporation, highlighted the significance of the project, saying, “Reko Diq is one of the bigger copper-gold undeveloped projects in the world. Any copper mine right now is a big deal.”
