Islamabad, Jan 1: Petroleum Minister Musadik Malik has firmly rejected claims regarding the sale of a stake in the Reko Diq copper-gold mining project to Saudi Arabia. In a statement to the media on Tuesday, Malik clarified that while negotiations are ongoing and progressing positively, no final agreement has been reached yet.
Key Points:
- Reko Diq Project: One of the world’s largest undeveloped copper-gold mines, with 5.9 billion tons of ore, containing 0.41% copper and 41.5 million ounces of gold. The mine has a lifespan of at least 40 years and is jointly owned by Barrick Gold (50%) and the federal and Balochistan governments (50%).
- Minister’s Clarification: Malik emphasized that no agreement had been approved by the federal cabinet, contrary to earlier reports. He also stated that a committee overseeing negotiations has completed its work.
- Potential Deal: Malik expressed optimism that a deal could be concluded by early 2025 but clarified that no sale of a 15% stake to Saudi Arabia for $540 million (Rs. 150.27 billion) has been finalized.
