Barrick Gold Supports Pakistan-Saudi Deal for Stake in Reko Diq Mining Project
Pakistan is still in negotiations with Saudi Arabia over the sale of a minority stake in the Reko Diq copper and gold mining project, controlled by Barrick Gold. Key details, including where the minerals will be processed, remain under discussion.
The Pakistani government hopes the agreement will extend beyond exploration to involve some downstream activities within the country, according to Musadik Malik, Pakistan’s petroleum minister.
Earlier, the Saudi government announced plans to acquire Pakistan’s minority stake in the Reko Diq project through Manara Minerals Investment Co., a Saudi firm backed by the sovereign wealth fund, for a reported minimum of $1 billion.
Malik also indicated that other potential bidders could still be part of the talks, with the deal expected to close in the next five months.
“There’s a bit of tension, as global corporations want to extract these minerals and process them elsewhere, but we aim to keep some processing within Pakistan,” Malik stated in an interview in Riyadh.
Located in the Balochistan region, bordering Afghanistan and Iran, the Reko Diq project is expected to begin production in 2028. Barrick Gold holds 50% ownership of the project, with the remaining stake divided between Pakistan’s federal and provincial governments.
Barrick’s CEO, Mark Bristow, confirmed the company would support any decision made by the Pakistani government in collaboration with the Saudis, noting that Barrick would not dilute its equity in the project.
