Federal cabinet approves sale of Reko Diq’s 15% share to Saudi Arabia

The federal cabinet has approved the sale of a 15% stake in the Reko Diq project to Saudi Arabia for $540 million under the Inter-Governmental Commercial Transactions Act.
This move marks a significant step toward fostering bilateral ties and advancing Pakistan’s mining sector. The Kingdom will pay the amount in two instalments.

In the first phase, Saudi Arabia will acquire a 10% stake, for which $330 million will be transferred to Pakistan. The remaining 5% stake will be purchased in the second phase for $210 million.

In addition to acquiring shares, the Saudi Fund for Development has pledged $150 million to support the development of mineral resources in Balochistan. Furthermore, Saudi Arabia has expressed keen interest in investing in mineral exploration activities in Chagai, where Reko Diq is located.

The Reko Diq project, situated in Pakistan’s resource-rich Balochistan province, is among the world’s largest undeveloped copper-gold mines. The federal and Balochistan governments collectively own 50% of the project’s shares.