Islamabad, Jan 19: Pakistan and Saudi Arabia are on the brink of securing a landmark multibillion-dollar agreement for the Reko Diq mining project, with crucial negotiations set to conclude in the coming months. This development marks a significant step toward fostering stronger economic ties between the two nations.
Official sources confirm that the valuation of the Reko Diq project has been revised. This revision allows both sides to negotiate better terms. Saudi Arabia has secured an initial 10% stake in the project, with an option to increase its share.
Previously, a sticking point in the negotiations involved Saudi Arabia’s request to maintain a foreign exchange account for machinery procurement outside Pakistan. However, this issue has been successfully resolved. Both countries have agreed to bring the foreign exchange into Pakistan, ensuring compliance with local regulations and further strengthening the partnership’s foundation.
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According to a senior official involved in the discussions, “The agreement is nearing completion, and while no definitive timeline has been set, both sides are optimistic about reaching a conclusion soon.”
Revised project valuations have been a key factor in advancing talks. Improved financial figures have been presented to Saudi authorities, highlighting the immense potential of Reko Diq as one of the world’s largest untapped copper and gold reserves.
The Reko Diq project symbolizes a shared vision for enhanced collaboration between Pakistan and Saudi Arabia, emphasizing economic growth and long-term strategic partnership. With its vast mineral wealth, Reko Diq has become a focal point for international investment, and this deal could set the stage for future opportunities in the region.
As discussions progress, the finalization of this agreement is expected to open new avenues for development, bringing significant economic benefits to both nations while showcasing their commitment to mutual growth and prosperity.
