In a recent statement, Petroleum Minister Musadik Malik addressed rumors about the sale of a stake in Pakistan’s Reko Diq copper-gold mining project to Saudi Arabia. These rumors suggested that Pakistan had agreed to sell a 15 percent stake for a hefty sum of $540 million (approximately Rs. 150.27 billion). However, Malik strongly denied these claims, emphasizing that no such deal has been finalized yet.
The minister reassured the public that discussions about the project are ongoing and progressing well, but no official agreement has been made. He added that while there are positive expectations for a deal, it could still take some time before anything is concluded. Malik also clarified that the federal cabinet has not approved any agreement regarding the sale of a stake in the Reko Diq project.
In his statement to the media, Malik further mentioned that a special committee had been formed to oversee the negotiations. This committee has completed its assigned work, but the discussions are still in progress. The minister expressed hope that the deal would be finalized by early 2025, suggesting that there may be further updates soon.
Reko Diq is one of the largest undeveloped copper-gold mines in the world. The project holds impressive reserves of 5.9 billion tons of ore, containing 0.41 percent copper and 41.5 million ounces of gold. With a mining life estimated to last for at least 40 years, Reko Diq has significant potential to boost Pakistan’s economy in the long run. The project is jointly owned by Barrick Gold, which holds a 50 percent share, and the federal and Balochistan governments, which collectively own the remaining 50 percent.
Malik’s comments came after reports circulated that the federal cabinet had approved the sale of a stake in Reko Diq to Saudi Arabia. These reports sparked widespread speculation about the future of the project and its potential impact on Pakistan’s mining sector. However, the petroleum minister’s clarification put an end to these rumors, providing much-needed clarity about the ongoing negotiations.
The Reko Diq project has been the subject of much debate and discussion in recent years, especially since Pakistan faced legal challenges over its development. However, with the minister’s latest remarks, it appears that the negotiations are heading in a positive direction, even if a final deal is still some way off.
In conclusion, while discussions about the Reko Diq project are continuing, there is no agreement yet regarding the sale of a stake to Saudi Arabia. The petroleum minister remains optimistic that a deal could be reached in early 2025, and further developments are expected in the coming months. Until then, Pakistan’s government and its partners in the Reko Diq project will continue to explore the best ways to unlock the potential of one of the world’s largest untapped mining resources.
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