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Project Reko Diq Strengthens Pakistan’s Economy: Barrick Gold To Make An Investment At Reko Diq In Local Development

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3 months ago

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The Special Investment Facilitation Council, foreign company Barrick Gold Corporation, and the Reko Diq Project in Balochistan are working together to provide an opportunity that will greatly strengthen Pakistan’s economy.

An estimated 10 billion dollars would be added to Balochistan’s economy over the course of three decades by the project, which is predicted to produce $1 billion dollars a year over the previous 40 years.

The project is expected to generate 4,000–10,000 employment throughout the building phase.

Having invested in Reko Diq to the tune of fifty percent, Barrick Gold Corporation intends to support local communities by funding medical facilities, educational initiatives, and CareerSource centers.

The strategic significance of the project is underscored by the continuing negotiations between Saudi Arabia and Pakistan for a share in it.

Producing using cutting-edge mining equipment to boost exports and promote economic progress is expected to start by 2029 with reserves of 5.87 billion metric tons of copper and 42 million ounces of gold.

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With a loss of 32 paisas, the US dollar is now trading at 277 rupees on the interbank market.

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In the Interbank market, the United States dollar is currently trading at 277 rupees and 63 paise, indicating a depreciation of 32 paise. Yesterday, it reached a closing price of 277 rupees and 95 paise on the Interbank market.

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The price of gold has skyrocketed in Pakistan.

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Pakistan’s gold price recovered on Friday following a sharp drop the day before, mirroring worldwide market patterns.

According to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola rose by Rs2,000 in the local market, ending at Rs278,800.

Likewise, the cost of 10 grams of 24-karat gold increased by Rs1,715 to Rs239,026.

With an extra $20 premium, the price of gold increased by $21 on Friday to $2,683 per ounce on the global market as well.

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The PSX-100 index reaches a record high and surpasses 93,000 points.

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Historically, the Pakistan Stock Exchange (PSX) exceeded the 93,000-point threshold for the first time, with the KSE-100 index increasing by 480 points to attain a record high of 93,001 points.

A significant milestone was reached on the final business day of the week, establishing a new record for the nation’s stock market.

Economists ascribe the market’s expansion to expectations of an enhanced economic rating for Pakistan and a favorable perspective on economic reforms. The session commenced positively, with the 100 index initially increasing by 250 points, reaching 92,770 points prior to the day’s zenith. The market concluded the prior day at 92,520 points.

Simultaneously, the Pakistani rupee appreciated as the dollar decreased by 20 paisa in the interbank market, now valued at 277.75 rupees. Economists attribute this enhancement to heightened remittances and a current account surplus, which have strengthened the rupee’s status.

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