Pakistan-Saudi Deal on Reko Diq Finalized

Barrick and the Government of Pakistan are nearing the finalization of a major #agreement on the Reko Diq Mining Company (RDMC) #mining #project in partnership with Saudi Fund for Development. The project, one of the largest undeveloped #copper and #gold mines #globally, is a focal point of #economic collaboration between Pakistan and Saudi Arabia.

According to official sources, Saudi Arabia is set to acquire an initial 10% stake in Reko Diq, with the potential for further #investment in the #future. A significant challenge in the #negotiations was recently resolved, as Saudi authorities had initially requested to maintain a #foreign #exchange account outside Pakistan for #machinery #procurement. Both parties have now agreed to bring #foreign #exchange into Pakistan, enabling smoother progress in the deal.

The project’s revised #valuations have been completed and shared with Saudi Fund for Development. Discussions are now in their final stages, with improved terms for both sides. Although no specific timeline has been announced, #officials indicate that an agreement could be reached soon.

This collaboration represents a key step in strengthening economic ties between #Pakistan and #Saudi Arabia. It also reinforces the #strategic importance of the Reko Diq project in driving foreign #investment and supporting Pakistan’s #resource #development.