The project’s feasibility study is complete, and Saudi Arabia has expressed interest in joining the consortium.
ISLAMABAD: Pakistan and Kuwait have joined forces to establish a one-billion-dollar mining fund, a significant development announced by the Special Investment Facilitation Council (SIFC). This move highlights the government’s growing focus on promoting the mining sector and attracting foreign investment.
The SIFC has identified mining as a key area for growth, working with both domestic and international companies to unlock Pakistan’s mineral wealth. To expedite exploration and extraction, the government has established dedicated departments within the Ministry of Petroleum across all provinces.
This focus on mining follows the successful out-of-court settlement with Barrick Gold. The Reko Diq project in Balochistan’s Chagai district, a major partnership with Barrick Gold, has seen Pakistan commit $2 billion to the multi-billion dollar project.
Final agreements reportedly grant state-owned enterprises, including Pakistan Petroleum Limited, OGDCL, and Government Holdings (Private) Limited, a significant share in the project, exceeding the government’s own stake. The remaining share belongs to the Balochistan government, funded by the federal government.
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The project’s feasibility study is complete, and Saudi Arabia has expressed interest in joining the consortium. This potential addition could further solidify the Reko Diq project and bolster Pakistan’s mining ambitions.
