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Mohammed bin Salman's Saudi Arabia sets eyes on this hidden treasure of Pakistan, offers to buy 15% stake, reason is...
The Pakistan government is reportedly considering selling a stake in this project to Saudi Arabia
Updated : Sep 03, 2024, 12:16 PM IST
 "Mohammed bin Salman's Saudi Arabia sets eyes on this hidden treasure of Pakistan, offers to buy 15% stake, reason is...")
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Pakistan is facing a severe economic crisis despite receiving financial aid from the International Monetary Fund (IMF) and other countries. However, the country might have a potential solution in the form of its gold-rich mines in Balochistan, particularly the Reko Diq mine.
The Pakistan government is reportedly considering selling a 15% stake in the Reko Diq Mining Project to Saudi Arabia. The Saudi Public Investment Fund (PIF) has shown interest in this stake and also proposed grants for infrastructure development to support Pakistan’s economic landscape.
According to The Express Tribune, Pakistan is setting up a committee to review the Saudi proposal. This committee will provide recommendations to the federal cabinet, which will then negotiate the final price. The Reko Diq mine is a joint venture, with 50% owned by Barrick Gold and the rest split between Pakistan and Balochistan.
The Reko Diq mine, located in the Chagai district of Balochistan, is one of the largest gold and copper mines in the world. Early reports from 1995 revealed significant amounts of gold and copper. Experts estimated the mine could hold around 400 million tons of gold, valued at over $1 trillion. Bloomberg previously highlighted Reko Diq’s potential to produce substantial quantities of copper and gold annually for decades.
While IMF aid has provided some relief to Pakistan, selling state-owned assets like the Reko Diq stake might be one of the few options left to stabilise the economy.
