Petroleum Minister Musadik Malik has rejected all claims of selling a stake in the Reko Diq copper-gold mining project to Saudi Arabia.
Talking to media persons on Tuesday, the minister confirmed that negotiations are ongoing and progressing well no agreement has been concluded yet.
He expressed optimism that a deal could be finalized by early 2025. Addressing earlier reports, Malik clarified that the federal cabinet has not approved any agreement.
Malik also noted that while a committee was formed to oversee the negotiations, it has completed its assigned work.
It was reported a day earlier that the federal cabinet had approved the sale of a 15 percent stake in Reko Diq to Saudi Arabia for $540 million (Rs. 150.27 billion). The petroleum minister has denied this.
Reko Diq, one of the world’s largest undeveloped copper-gold mines, boasts reserves of 5.9 billion tons of ore with 0.41 percent copper and 41.5 million ounces of gold. The project has a mining life of at least 40 years and is jointly owned by Barrick Gold (50 percent) and the federal and Balochistan governments (50 percent).
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