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Saudi Arabia to Invest $1 Billion in Reko Diq Gold and Copper Mine, Sources Say

The Kingdom of Saudi Arabia is poised to inject up to $1 billion into the Reko Diq gold and copper mine, according to high-level sources cited by Pako. Finance Ministry insiders revealed that Saudi Arabia intends to purchase shares of key Pakistani entities involved in the project, including Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL). A committee, to be chaired by Prime Minister Shehbaz Sharif, will oversee the investment, with negotiations set to take place between officials from both nations.

Saudi Arabia to Invest $1 Billion in Reko Diq Gold and Copper Mine, Sources Say

In a significant development, the Kingdom of Saudi Arabia is reportedly gearing up to invest a substantial sum, estimated at $1 billion, in the Reko Diq gold and copper mine located in Pakistan. Citing sources privy to the matter, Pako unveiled details of the impending investment, which could reshape the landscape of Pakistan’s mining sector.

According to sources within the Finance Ministry, the investment deal entails Saudi Arabia acquiring shares of key stakeholders involved in the Reko Diq project. Entities targeted for investment include Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), and Government Holdings (Private) Limited. These companies collectively hold a 10 percent stake in the Reko Diq mine, making them pivotal players in the venture.

The Ministry of Finance is set to establish a committee, chaired by Prime Minister Shehbaz Sharif, to oversee and facilitate the Saudi investment in Reko Diq. The committee’s composition is expected to include representatives from the Ministry of Finance, OGDCL, PPL, the Ministry of Energy, and other pertinent stakeholders. Their primary mandate will be to navigate the intricacies of the investment proposition and ensure its seamless execution.

A comprehensive investment proposal will be submitted to Prime Minister Shehbaz Sharif for review, following which the committee will be formally constituted. Subsequently, committee members are anticipated to embark on a diplomatic mission to Saudi Arabia for in-depth negotiations and discussions with Saudi counterparts.

Ultimately, the culmination of these efforts is expected to result in the signing of a formal agreement between Pakistan and Saudi Arabia, heralding Riyadh’s entry as a significant investor in the Reko Diq gold and copper mine. This landmark agreement holds the promise of fostering bilateral cooperation and fostering economic growth in both nations.

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The impending Saudi investment in Reko Diq underscores Pakistan’s growing appeal as an investment destination and highlights the strategic importance of the mining sector in driving economic development. As stakeholders await further developments, anticipation is high for the transformative impact this investment will have on Pakistan’s mining industry and broader economic landscape.

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