Pakistan has been facing an economic crisis for a long time and despite the help of friendly countries including the International Monetary Fund (IMF), the condition of the economy does not seem to be improving much. But do you know that Pakistan also has such a treasure, which can end the economic crisis of the country at once and this is the treasure of gold. No, we are not talking about Pakistan’s gold reserves, but the gold mines in Balochistan, specifically the Rekodik mine, in which the government is preparing to sell a 15 percent stake to Saudi Arabia. .
Proposal to buy 15% stake in RECO DIC!
According to a recent report by The Express Tribune, Saudi Arabia’s Public Investment Fund (PIF) has offered to buy a 15 percent stake in the Rekodic Mining Project. Along with this, the Government of Pakistan has also offered grants for building infrastructure around the mining sector.
In response to the proposal of Saudi Arabia, Pakistan has decided to form a committee that will review it and give its recommendations to the federal cabinet, the report said, citing government officials. It is worth mentioning that Barrack Gold holds 50 percent stake in Rekodic Mining Project while the remaining 50 percent is held by the Governments of Pakistan and Balochistan.
Pak economy can get relief.
In the critical phase of Pakistan’s economy, the gold and copper mines in the country have the potential to come out of the crisis. If we talk about Rekodak located in Chagai district of Balochistan province, it is reportedly filled with millions of tons of gold. Taking advantage of this treasure can be useful in reducing the economic crisis of Pakistan. Let us tell you that Ricoh Duck Mine is one of the largest gold and copper mines in the world.
So much gold was found in the first excavation.
Balochistan province of Pakistan is considered to be very rich in natural resources and the mines here are full of gold and copper deposits. According to reports, when Rekodik Mine was first mined in 1995, 200 kg of gold and 1700 tonnes of copper were extracted from it in the first four months. At that time, experts had hoped that the mine could contain about 400 million tons of gold, with an estimated value of more than $1 trillion.
According to an earlier report by Bloomberg, Pakistan’s Rekodak is one of the world’s largest copper and gold deposits, with the potential to produce 2,00,000 tonnes of copper and 2,50,000 ounces of gold in half a century. However, this mining project was halted due to a dispute between the Government of Pakistan and Barrick Gold and Antofagasta PLC.
Pakistan’s debt is equal to 42% of GDP.
Due to poor economic condition, Pakistan has borrowed billions of rupees from the whole world and is still taking. According to a report by Business Today, Pakistan has an external debt of $124.5 billion, which is 42 percent of its GDP. His coffers have increased somewhat after the help received from the IMF, but this is proving insufficient to improve the country’s conditions.
Pakistan’s foreign exchange reserves increased to Rs 1.20 lakh crore in the month of May after receiving financial assistance of over Rs 9000 thousand crore from the International Monetary Fund on April 30 this year. In such a situation, the government says that it is left with an option to sell state-owned companies.
