Saudi Arabia is getting closer to possibly buying a part of Barrick Gold’s Reko Diq copper and gold mining project in Pakistan, according to a report by Bloomberg. Manara Minerals Investment Co., supported by Saudi Arabia’s government savings fund, plans to invest at least $1 billion in the project. They might announce a preliminary agreement in the next few weeks.
The CEO of Barrick Gold, Mark Bristow, has mentioned that Saudi Arabia has been talking to Pakistan about buying some of the government’s share in Reko Diq. However, Barrick Gold won’t be reducing its ownership in the project.
Bristow has also said that if Reko Diq starts working fully, it could become one of the top ten copper mines globally.
The Reko Diq project is in the Balochistan area, near the borders of Afghanistan and Iran. It’s expected to start producing in 2028. Currently, Barrick Gold owns 50% of the project, Pakistan’s federal government has 25%, and the Balochistan regional government owns the remaining 25%.
