In a big development, Pakistan seeks $7 Billion foreign investment
Shares
Barrick Gold has shown keen interest in channeling a substantial $7 billion investment towards the revitalization of Pakistan's Reko Diq mining project. This venture is believed to house some of the planet's most extensive untapped reservoirs of copper and gold, according to experts.
Notably, this undertaking signifies not only the largest foreign fixed investment in Pakistan but also holds significant global implications. Copper, a pivotal element in the world's energy transition, is expected to be in high demand, with global supplies potentially falling short.
Mark Bristow, the CEO of Barrick, emphasized the exceptional scale of Reko Diq as one of the largest undeveloped copper-gold projects worldwide. Their plan is to commence mining operations in 2028, contingent upon an ongoing feasibility study. Bristow emphasizes the transformative potential of this project for the region, highlighting the importance of early benefits and dividends to the local community.
Additionally, the involvement of Saudi Arabia's Public Investment Fund and state mining company Ma'aden as potential investors adds another layer of significance to the Reko Diq project. Analysts suggest that the participation of one of Pakistan's key allies could provide a shield against potential political reversals, bolstering the project's stability.
This landmark agreement between Pakistan and Barrick Gold, worth $8 billion, was forged in December of the previous year following the Supreme Court's endorsement of its legality. Representatives from Reko Diq Gold Corporation, along with federal and Balochistan government officials, finalized this substantial agreement, paving the way for a transformative development in the region's mining industry.
