Saudi Arabia Eyes $1 Billion Investment in Reko Diq Project

Saudi Arabia expresses interest in injecting $1 billion into the Reko Diq project, known for its vast copper and gold reserves in Balochistan. Pakistan considers selling shares of OGDCL and PPL to Saudi Arabia, with negotiations set to commence soon.

Prime Minister Shehbaz Sharif will establish a committee to oversee Saudi investment in Reko Diq, comprising officials from relevant ministries. The committee will visit Saudi Arabia for final negotiations, aiming to sign an inter-governmental agreement for the investment.

Reko Diq, a significant mining project, holds substantial potential, with Pakistan and Barrick Gold Corporation signing an $8 billion agreement in December to restart the project after a hiatus since 2011.

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