RIYADH – Saudi Arabian investment mining fund is set to acquire around 20 percent stake in World’s Largest Undeveloped Copper-Gold Mine Reko Diq for up to $1 billion.
A report shared by a British daily newspaper said Kingdom plans to purchase a chunk of multi-billion project from the Pakistani government, as the site holds potential with vast copper and gold reserves, which could greatly boost the country’s economy through exports.
Reko Diq mine is being developed by Barrick Gold, which holds a 50pc stake, with the remaining 50pc owned by federal and provincial governments. The site is the world’s largest undeveloped copper-gold deposits, with the potential to produce up to 400,000 tonnes of copper and 500,000 ounces of gold once fully operational.
The report shared by Financial Times said Saudi state-funded Manara Minerals, had already made moves to purchase minority stakes in key international assets. Saudi Mining Minister, Bandar Alkhorayef, confirmed the development last week, noting that the Saudi Development Fund could also contribute more than $100 million to enhance Pakistan’s mining infrastructure.
The much-anticipated deal is likely to be finalized within months to come, after ongoing talks between two sides. Saudi investment is seen as a significant boost to the region’s economy, with Barrick Gold’s CEO, Mark Bristow, emphasizing the importance of Saudi Arabia’s involvement in the project.
