KARACHI: Pakistani state-owned Oil & Gas Development Company Ltd. (OGDCL) and Pakistan Petroleum Ltd. (PPL) have increased their investments in the Reko Diq gold and copper mining project to $1.25 billion, the energy firms said in separate filings in the Pakistan Stock Exchange (PSX).
The OGDCL and PPL, each holding 8.33 percent stake in the multi-billion-dollar project through Pakistan Minerals (Private) Limited, have completed their feasibility studies. The third state-owned shareholder is Government Holdings (Private) Limited, according to the stock filings.
Each of the two oil and gas explorers have decided to increase their funding commitment with respect to the project, reflecting their pro rata share of total capital investment, inclusive of project financing costs, to $627 million. The financing cost is to be adjusted according to the actual project cost and inflation.
On Tuesday, the Economic Coordination Committee (ECC) of the federal cabinet also approved a summary regarding the Reko Diq project and changes in its overall development plan, the Finance Division said in a statement.
“The ECC took up a summary by the Petroleum Division regarding the Reko Diq Project and changes in its overall development plan and related financial commitments and project finance considerations due to inflation and enhanced scope of the project concerning capacity, energy mix, alternative water supply options and updated processing plants and machinery,” the statement read.
“The ECC noted the factors leading to the project escalations, and approved the proposals contained in the summary with the directions to the Ministries of Petroleum & Finance to continue close coordination with a view to ensuring timely implementation of all agreed actions.”
Reko Diq, one of the world’s largest underdeveloped copper-gold mine, is jointly owned by Canadian mining firm Barrick Gold Corp. and Pakistan. Out of the total shareholding of Reko Diq project, 25 percent is held by the provincial government of Balochistan — 15 percent on a fully funded basis through Balochistan Mineral Resources Limited and 10 percent on a free carried basis — and 50 percent is held by Barrick Gold Corporation which is the operator of the project.
As per the estimates, the increase in copper and gold prices has offset the impact of higher project costs, according to the two energy firms. The feasibility study of the project shows it has a mining life of 37 years and is expected to yield 13.1 million tons of copper and 17.9 million ounces of gold.
The project will be executed in two phases, with the phase one having an estimated capital outlay of $5.6 billion that is exclusive of the financing costs and inflation. It is planned to be funded through a limited-recourse project financing facility of up to $3 billion with the remaining funded through shareholder contributions, the OGDCL and PPL said.
The energy companies plan to fund the second phase through a mix of revenue generation from the project, additional project financing and shareholder contributions, if required. Under the updated feasibility study phase one is planned to process 45 million tons per annum (Mtpa) of mill feed from 2028. While phase two is planned to double the processing capacity to 90 Mtpa by 2034.
The project will leverage five of the currently identified 15 porphyry surface expressions within the current mining lease, highlighting substantial future growth potential. Negotiations for the proposed project financing are ongoing.

RIYADH: Saudi Arabia’s Public Investment Fund ranked as the world’s second most active sovereign investor by deal value in February, committing $3 billion in global transactions.

Global SWF, a data platform tracking activity in the sector, reported that Canada’s public pension fund topped the rankings with a $7 billion deal. The Kingdom’s PIF emerged as the most active sovereign wealth fund, completing three overseas deals through its portfolio companies.  

Globally, sovereign investors executed 22 deals worth a combined $16.5 billion. Alongside PIF and CDPQ, other major players included South Korea’s National Pension Service, which committed $1.6 billion to a real estate transaction, and Canada’s BCI, with a $1.3 billion infrastructure deal. 

This surge in cross-border activity highlights a growing trend among sovereign and public investors — particularly those in the Gulf region — to seize emerging global opportunities while hedging against domestic economic fluctuations. 

Established in 1971, PIF has undergone a dramatic transformation since 2015 under the leadership of Crown Prince Mohammed bin Salman. Once a primarily domestic fund, it has evolved into a globally influential SWF managing $925 billion in assets and driving the Kingdom’s Vision 2030 agenda. 

PIF’s rapid rise in less than a decade underscores the scale and ambition of Saudi Arabia’s investment-led economic diversification strategy. 

It began 2025 by continuing to expand its global footprint across sectors such as entertainment, aviation, and finance. 

This acceleration followed a series of strategic shifts during the fourth quarter of 2024, as the fund restructured its portfolio in line with long-term priorities and Vision 2030 goals. 

According to its latest 13F SEC filing, PIF’s US equity holdings stood at $26.71 billion at the end of 2024, marking a 24 percent year-on-year decline. This reflects a more cautious and selective investment stance, as the fund scaled back on consumer-focused positions while pivoting to sectors with perceived long-term resilience. 

Notably, PIF exited its holdings in Walmart and Marriott while ramping up exposure to healthcare and life sciences, including new or expanded stakes in Thermo Fisher Scientific, Abbott Labs, and Regeneron Pharmaceuticals. 

It also increased its stake in electric vehicle manufacturer Lucid Motors by $495 million, more than doubled its investment in Amazon, and reduced its exposure to Uber by $1.08 billion — moves that signal a recalibrated strategy emphasizing selectivity and long-term value. 

Building on this repositioning, PIF took steps in early 2025 to fund domestic giga-projects and extend its international reach. In January, the fund issued a US dollar-denominated bond, sold Thiqah Business Services to Elm for $907 million, and acquired a 23 percent stake in Saudi Re to bolster the Kingdom’s insurance sector and financial resilience. 

In capital markets, PIF made a $200 million anchor investment in the SPDR Saudi bond ETF, launched in January on the London and Frankfurt exchanges. 

This move aims to internationalize Saudi Arabia’s debt market, following similar ETF initiatives in Hong Kong in late 2023 and Tokyo in December 2024, helping deepen the Kingdom’s financial links with Asia and beyond. 

PIF has continued to strengthen its presence in sports and gaming in 2025. Its subsidiary, Savvy Games Group, acquired Niantic’s gaming division, including Pokémon Go, for $3.5 billion — marking a major move in mobile and AR gaming. 

The wealth fund also remains engaged in complex negotiations with the PGA Tour over integrating LIV Golf, a key element in its broader sports investment strategy. 

In the UK, the fund reaffirmed its long-term commitment to Newcastle United FC through “Project 2030” and is reportedly exploring a 49 percent stake in Newcastle International Airport, positioning itself to create synergies between its travel and sports portfolios.