ISLAMABAD: Saudi Arabia is likely to invest $1 billion in Reko Diq copper and gold mine project in Pakistan’s southwestern Balochistan province, Pakistani state media reported on Sunday.
Located in the Chagai district, Reko Diq contains one of the biggest undeveloped copper and gold deposits in the world, with the potential to produce a large amount of these precious commodities for decades.
The project is owned 50 percent by Canada-based Barrick Gold Corporation, 25 percent by three federal state-owned enterprises, 15 percent by Balochistan on a fully funded basis, and 10 percent by Balochistan on a free carried basis, according to Barrick.
“A Saudi investment of up to one billion dollars is likely next month in the Reko Diq Copper Gold project located in Chagai district in Balochistan,” the state-run Radio Pakistan broadcaster reported.
“Special Investment Facilitation Council is trying to remove obstacles in this regard.”
Pakistan set up the SIFC, which also includes its army chief, in June last year with the sole purpose of reviving the frail economy, dented by low foreign exchange reserves, currency depreciation and record inflation.
In the subsequent months, Islamabad signed a number of bilateral agreements with brotherly countries in the Middle East during high-level engagements by caretaker PM Anwar-ul-Haq Kakar and Army Chief General Asim Munir.
Prime Minister Shehbaz Sharif will soon constitute a committee comprising finance ministry officials and all stakeholders in order to ensure smooth completion of the Saudi investment, according to the Radio Pakistan report.
“Following this investment, Pakistan and Saudi Arabia will sign agreements for further investment in the mining sector,” the report read.
Saudi Arabia likely to invest $1 billion in Reko Diq project — Pakistani state media
https://arab.news/cjf2d
Saudi Arabia likely to invest $1 billion in Reko Diq project — Pakistani state media
- Located in Pakistan’s Balochistan, Reko Diq contains one of biggest copper, gold deposits in world
- The project has the potential to produce a large amount of these precious commodities for decades
Pakistan’s defense minister backs army spokesman’s criticism of Imran Khan
- Khawaja Asif calls the military’s response to Khan’s recent remarks ‘measured’
- He accuses Khan’s PTI party of ‘changing its identity’ by siding against Pakistan
ISLAMABAD: Pakistan’s Defense Minister Khawaja Asif on Saturday defended a scathing news conference by the military’s spokesman a day earlier, in which the latter accused former prime minister Imran Khan of promoting an anti-state narrative that he said had become a national security threat.
Lt. Gen. Ahmed Sharif Chaudhry, who heads the military’s media wing as director general of Inter-Services Public Relations (ISPR), addressed journalists on Friday in response to Khan’s latest social media post accusing Chief of Defense Forces Field Marshal Asim Munir of being responsible for “the complete collapse of the constitution and rule of law in Pakistan.”
During the briefing, Chaudhry described the incarcerated former premier as a “narcissist” and a “mentally ill individual,” though he said it up to the government to determine how it wanted to deal with him.
Asked about the military’s viewpoint against Khan and his Pakistan Tehreek-e-Insaf (PTI) party, Asif told reporters in the city of Sialkot the former premier had long used harsh language against state institutions and political opponents.
“When this kind of language is used for individuals as well as for institutions, then a reaction is a natural outcome,” he said. “The same thing is happening on the Twitter accounts being run in his [Khan’s] name. If the DG ISPR has given any reaction to it, then I believe it was a very measured reaction.”
The minister said Khan and PTI leaders had continued to target the army despite the sacrifices made by soldiers in the fight against militancy and during the four-day conflict with India in May.
He said PTI should recognize those sacrifices by supporting “our soldiers and martyrs” rather than “the terrorists.”
“Imran Khan speaks on every issue. Why did he not speak [in favor of the military] during the war [with India]?” Asif said. “Even during the war he kept targeting the military leadership. He continued to use inappropriate language for them.”
“People whose conduct is like this, whose language does not spare even the martyrs, how can they say ... that the DG ISPR should not say this or should not say that?” he continued. “He absolutely should.”
Asif added that Khan and his party had “changed their identity,” adding they were no longer standing with Pakistan.
PTI has not officially responded to his comments yet.
