16/10/2024
Mining News

Saudi Arabia to acquire minority stake in Pakistan’s Reko Diq copper and gold mining project with $1 billion investment

Saudi Arabia is poised to acquire a minority stake in the Reko Diq copper and gold mining project in Pakistan, as reported by Gulf Online.

Saudi Investment Minister Khalid Al-Falih announced the development at an economic conference in Islamabad, revealing that the Saudi Manara Minerals Investment Company will be making the investment. This company is a joint venture between the Saudi Arabian Mining Company (Ma’aden) and the Saudi Public Investment Fund (PIF), and it is expected to invest at least $1 billion in the project, which is controlled by Barrick Gold.

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Located in the southwestern province of Balochistan, near the borders with Afghanistan and Iran, the Reko Diq project is scheduled to commence production in 2028. Currently, Barrick Gold holds a 50% stake in the project, while the Pakistani federal government owns 25%, and the remaining share is held by the Balochistan provincial government. Saudi Arabia’s investment will involve purchasing a portion of the government’s stake in the venture.

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