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KSA to buy 15% stake in Reko Diq project from Pakistan.

ISLAMABAD: Pakistan will sell 15% shares in Reko Diq project to Kingdom of Saudi Arabia, after refusal of Barrick Gold Corporation.

The Kingdom of Saudi Arabia will become the partner in Reko Diq project, as per sources Islamabad is ready to sell 15% shares in the Reko Diq project to Saudi Arabia.

The decision was taken after Barrick Gold Corporation refused to sell out its stakes in the multibillion-dollar project.

With this development, Pakistan’s overall shares in the Reko-Diq project are expected to be reduced from the existing 50% to 35%.

Out of 35%, the Balochistan government’s share would remain at the existing level of 25%, while the federal government’s State-Owned Enterprises (SOEs) stakes would be reduced from 25% to 10%.

After this deal, Pakistan will become a minority shareholder in this project with holding just 35% shares.