Saudi Arabia Interested in Acquiring Govt’s Share in Reko Diq Mine

The Kingdom of Saudi Arabia has shown interest in acquiring the stakes held by the government of Pakistan in the Reko Diq gold and copper mine, a senior government official said Tuesday.

According to details, Dr Jahanzeb Khan, the prime minister’s adviser on the Special Investment Council (SIFC) told reporters that the government has appointed an international adviser to do a valuation of its stake in the Reko Diq.

Khan said that it is expected the valuation will be completed before December 25 after which talks will begin with Saudi Arabia.

It is pertinent to mention here that Barrick Gold Corp owns a 50 percent stake in the mine, while the remaining 50 percent of the mine is held by the government of Pakistan and the government of Balochistan.

Back in August, Barrick Gold’s CEO Mark Bristow said that the company is open to bringing in the Kingdom of Saudi Arabia’s (KSA) Public Investment Fund (PIF) as one of its partners in the Reko Diq mine.

At the time, Birstow said Barrick would not dilute its shares in the project but “will not mind” if PIF wishes to buy out the Pakistan government’s equity.

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

    Imam-ul-Haq Announces Wedding Date Delaying Arrival to Camp for Australia Tour

    Commerce Minister Emphasizes Economic Cooperation Between Pakistan, Afghanistan, Uzbekistan