Travel
No deal reached with Saudi Arabia for Reko Diq stake, says minister
字号+ Author:Smart News Source:Sports 2025-01-12 05:52:07 I want to comment(0)
Minister for Petroleum Musadik Malik on Tuesday said that the federal cabinet has not given approval to the sale of a 15% stake in the Reko Diq project, worth $540 million, to the Kingdom of Saudi Arabia (KSA) under the Inter-Governmental Commercial Transactions Act. In a statement, the minister rejected reports regarding the development, saying that no deal has been reached with Saudi Arabia for the Reko Diq project yet. However, he said, the government is definitely having "positive discussions" with the kingdom in this regard. "So far, no talks with Saudi Arabia have been finalised nor has any approval been given from the cabinet," he added. Furthermore, the minister said, a deal would be reached with Saudi Arabia regarding Reko Diq shares next year. Earlier in the day, it was reported that the federal cabinet had given a go-ahead to the much-awaited sale of a 15% stake of the federal government in the Reko Diq project. "The KSA will make payment in two installments. In the first phase, the KSA will acquire a 10% stake in the project, for which $330 million will be transferred to Pakistan. The remaining 5% stake will be purchased in the second phase for $210 million,” the report stated. Apart from purchasing 15% shares, it added, the Saudi Fund for Development has pledged $150 million to support the development of mineral resources in Balochistan. The Reko Diq project is among the world’s largest undeveloped copper-gold mines. The Reko Diq Mine is a planned mining operation, located near the Reko Diq town of Chagai. Reko Diq has estimated reserves of 5.9 billion tonnes of ore grading 0.41% copper and gold reserves amounting to 41.5 million oz, and a mining life of at least 40 years. Barrick Gold owns a 50% stake in the mine, whereas federal and Balochistan governments collectively own the remaining 50% shares, ensuring substantial benefits for the region.
1.This site adheres to industry standards, and any reposted articles will clearly indicate the author and source;
Related Articles
-
'Not my responsibility': Sadiq on PTI-Imran Khan meeting
2025-01-12 05:25
-
South Korean Jeju Air jet black boxes stopped recording before crash: ministry
2025-01-12 03:49
-
Wild chimpanzees adapt genetically to different habitats
2025-01-12 03:48
-
Court hands life sentence to woman for electrocuting husband
2025-01-12 03:47
User Reviews
Recommended Reads
Hot Information
- 12 more dead in Kurram as ceasefire fails to stop hostilities
- Paris Hilton's heartfelt gesture after losing Malibu home to LA fires
- VIDEO: Karachi woman's 'slap' scares off armed robber
- VIDEO: Karachi woman's 'slap' scares off armed robber
- Justice Mandokhail questions army officers' expertise in awarding death sentences
- Zayn Malik concerts to cancel due to LA fires?
- Djokovic claims he was 'poisoned' in Melbourne
- Demi Moore reflects on 'vulnerable' role in 'The Substance'
- Gambhir returns home for personal reasons
Abont US
Follow our WhatasApp account to stay updated with the latest exciting content