The federal cabinet has approved selling a 15% stake in the Reko Diq copper-gold mining project to Saudi Arabia for $540 million (Rs. 150.27 billion).
The deal will proceed under the Inter-Governmental Commercial Transactions Act and will occur in two phases.
Read more: PM Kakar Confident About Saudi Investment in Reko Diq
In the first phase, Saudi Arabia will acquire a 10% stake for $330 million, followed by a 5% stake purchase for $210 million in the second phase.
Additionally, the Saudi Fund for Development has committed $150 million to bolster mineral resource development in Balochistan and plans further investments in mineral exploration within the Chagai district.
Reko Diq, among the largest untapped copper-gold mines globally, contains 5.9 billion tons of ore with 0.41% copper and 41.5 million ounces of gold, offering a 40-year mining lifespan. Ownership is shared by Barrick Gold (50%) and the federal and Balochistan governments (50%).
