Saudi Arabia is edging closer to investing $1 billion in the Reko Diq gold and copper mine in Pakistan, Bloomberg reported on Thursday.
Saudi venture Manara Minerals Investment Company is planning to inject at least $1 billion into the Reko Diq copper and gold mining project. A preliminary agreement on transaction terms could be announced in the next few weeks.
The Saudi company may consider increasing its investment in the mine gradually. Discussions are underway, and there’s a possibility of talks falling apart or experiencing delays.
The potential deal follows a recent meeting between Saudi Crown Prince Mohammed bin Salman and Prime Minister Shehbaz Sharif. Upon the visit of the Saudi delegation in Islamabad earlier this week, Pakistan presented investment opportunities in various sectors. Reko Diq was one of the areas mentioned.
The Reko Diq project aims to start production in 2028. Barrick owns 50 percent of the project, with the Pakistani federal government owning 25 percent and the remaining under the Government of Balochistan.
Last year, Barrick Gold CEO Mark Bristow first revealed that the Kingdom was interested in a potential deal to invest in Reko Diq.
