AIRLINK 60.45 Decreased By ▼ -0.52 (-0.85%)
BOP 6.32 Increased By ▲ 0.03 (0.48%)
CNERGY 4.39 Increased By ▲ 0.06 (1.39%)
DFML 16.00 Increased By ▲ 0.14 (0.88%)
DGKC 69.01 Decreased By ▼ -0.29 (-0.42%)
FCCL 18.09 Decreased By ▼ -0.11 (-0.6%)
FFBL 26.24 Decreased By ▼ -0.01 (-0.04%)
FFL 9.34 Increased By ▲ 0.11 (1.19%)
GGL 10.24 Decreased By ▼ -0.01 (-0.1%)
HBL 115.42 Decreased By ▼ -1.58 (-1.35%)
HUBC 116.06 Increased By ▲ 1.58 (1.38%)
HUMNL 7.03 Increased By ▲ 0.10 (1.44%)
KEL 5.02 Increased By ▲ 0.13 (2.66%)
KOSM 5.68 Increased By ▲ 0.35 (6.57%)
MLCF 38.72 Increased By ▲ 0.22 (0.57%)
OGDC 132.17 Increased By ▲ 8.20 (6.61%)
PAEL 21.76 Decreased By ▼ -0.09 (-0.41%)
PIAA 12.80 Increased By ▲ 1.00 (8.47%)
PIBTL 6.10 No Change ▼ 0.00 (0%)
PPL 119.87 Increased By ▲ 6.12 (5.38%)
PRL 28.17 Decreased By ▼ -0.13 (-0.46%)
PTC 12.08 Increased By ▲ 0.63 (5.5%)
SEARL 51.80 Decreased By ▼ -0.50 (-0.96%)
SNGP 68.77 Increased By ▲ 1.07 (1.58%)
SSGC 11.46 Increased By ▲ 0.13 (1.15%)
TELE 8.19 Increased By ▲ 0.34 (4.33%)
TPLP 11.53 Decreased By ▼ -0.05 (-0.43%)
TRG 72.75 Increased By ▲ 0.94 (1.31%)
UNITY 23.62 Increased By ▲ 0.52 (2.25%)
WTL 1.37 Increased By ▲ 0.08 (6.2%)
BR100 6,790 Increased By 72.9 (1.09%)
BR30 23,078 Increased By 560.6 (2.49%)
KSE100 65,952 Increased By 626 (0.96%)
KSE30 22,417 Increased By 271.6 (1.23%)

ISLAMABAD: Saudi Arabia has shown interest in acquiring government stakes in Pakistan’s Reko Diq gold and copper mine, an official of the South Asian nation said on Tuesday, adding that an international adviser was close to completing a valuation.

Barrick Gold Corp owns a 50% stake in the mine, with the remaining 50% owned by the governments of Pakistan and the province of Balochistan. Barrick considers the mine one of the world’s largest underdeveloped copper-gold areas. The government expects that the valuation to be completed before Dec. 25, Jahanzeb Khan, the prime minister’s adviser on the Special Investment Facilitation Council (SIFC), told journalists. He did not identify the adviser.

Pakistan has previously said Barrick would invest $10 billion in the project. Barrick in August said it was open to bringing in Saudi Arabia as one of its partners in the mine.

Khan said that Islamabad will enter talks with Riyadh after the valuation is completed, and determine what its expectations are. The Saudi Arabian government did not immediately respond to a request for comment.

Pakistan is currently in the midst of a prolonged economic crisis, and narrowly averted sovereign default earlier this year after a last-gasp $3 billion bailout from the International Monetary Fund (IMF).

But the deal rests on the country’s ability to bring in foreign direct investment to shore up its critically low foreign exchange reserves. Pakistan is banking on old allies in the Middle East, including Saudi Arabia, to lead the investment.

Khan said that Pakistan was keen on having Saudi Arabia on board, but said Islamabad was “not in a rush” and did not want to have “distress sales” for any of its assets and would protect its national interests.

Comments

Comments are closed.

zh Nov 15, 2023 06:49am
Will the gold and copper be processed in Pakistan, or will the country export the ore?
thumb_up Recommended (0)