Pakistan Gold Mine: Reko Diq located in Balochistan The mine is one of the largest undeveloped mines in the world. It can produce 2 lakh tonnes of copper and 2.5 lakh ounces of gold every year for 50 years.
Pakistan has huge gold reserves hidden in it
The Reko Diq mine in Balochistan is one of the largest undeveloped mines in the world. It can produce 2 lakh tonnes of copper and 2.5 lakh ounces of gold every year for 50 years. Saudi Arabia is keen to invest in this mine.
India's friend supported Pakistan
Pakistani minister Musadik Malik said that talks regarding Saudi investment in Reko Diq mine have progressed a lot. Saudi's Manara Mineral Company can buy a stake in the next 6 months. A big announcement can be made soon. However, this news can prove to be a big setback for India.
Framework ready
Saudi Arabia had offered to buy 15% stake in this mine last year. Now that the valuation framework is ready, the deal is expected to be finalized. This deal can be a game changer for Pakistan's economy.
Why is Saudi Arabia showing interest?
Saudi Arabia is increasing investment in the mining sector to reduce its dependence on oil. The huge wealth of Reko Diq is part of their strategy. Manara Minerals also visited the project last year.
A lifesaver in Pakistan's poverty.
Pakistan's debt has reached 42% of its GDP. Pakistan can make huge profits by selling its stake in Reko Diq. This mine can play an important role in strengthening the country's economic condition.
Who has the ownership rights?
The Pakistan government owns 50% of the mine, while the rest is owned by Canada's Barrick Gold Corp. Saudi Arabia is preparing to buy 15% from Pakistan's share. This deal could speed up the development of the mine.
How old is Reko Dick Khan?
Experts estimate that the mine may contain 40 trillion tonnes of gold, worth $1 trillion. In 1995, 200 kg of gold and 1700 tonnes of copper were extracted in just 4 months.
Gulf countries are also showing interest
Apart from Saudi Arabia, other Gulf countries are also in talks to invest in Pakistan's mining sector. Pakistan wants to take advantage of the mines to attract foreign investment.
Controversy over Reco Dick Khan
There has been a dispute between the Pakistan government and Barrick Gold Corp. over this mine for years. Now Saudi investment can give a new direction to the project.
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