The cabinet authorizes the sale of 15% of Reko Diq’s shares to Saudi Arabia.

Under the Inter-Governmental Commercial Transactions Act, the federal cabinet has authorized the sale of $540 million worth of 15% of Reko Diq Mine to Saudi Arabia (KSA).

In two installments, Saudi Arabia will give Pakistan $540 million, or around Rs150.27 billion. A first installment of $330 million will be paid, and 10% of the shares will be transferred. The remaining five percent shares will be transferred for $210 million in the second round.

Additionally, $150 million will be given by the Saudi Fund for Development to Balochistan’s mining development.

Large amounts of copper and gold can be found at the Reko Diq Mines. It is believed to have the world’s fifth-largest gold deposit.

One of the biggest undeveloped copper-gold mines in the world is this project. Its estimated reserves include 5.9 billion tonnes of ore with a 0.41 percent copper grade and 41.5 million ounces of gold, with a minimum mining life of 40 years.

The federal and Balochistani governments jointly hold the remaining 50% of the mine, while Barrick Gold owns 50%, guaranteeing significant advantages for the area.

The growth of Reko Diq would enable Pakistan to realize substantial economic potential. If the project is carried out successfully, it will not only strengthen the mining industry but also improve infrastructure, generate long-term income streams for the federal and provincial governments, and create job opportunities.