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Saudi Arabia is on the verge of finalizing a deal to acquire a minority stake in a Pakistani mine controlled by Barrick Gold Corp., Bloomberg reported, citing informed sources.
Manara Minerals Investment Co. intends to invest a minimum of $1 billion in the Reko Diq copper-gold project. The company could possibly announce a preliminary agreement on the deal terms in the coming weeks.
Bloomberg highlighted that the Reko Diq project, situated in the Balochistan region, is set to commence production in 2028.
Barrick Gold holds a 50% stake in the project, while the Pakistani federal government holds 25% ownership. The provincial government of Balochistan owns the remainder.
According to data available on Argaam, the Public Investment Fund (PIF) had earlier signed a joint venture agreement with Saudi Arabian Mining Co. (Maaden) to establish Manara Minerals. The latter invests in global mining assets to secure strategic minerals, hence bolstering supply chains.
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