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.
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.
