| Islamabad: Kingdom of Saudi Arabia (KSA) has signaled its interest in acquiring government stakes in the Reko Diq gold and copper mine followed by the underway valuation process that is expected to conclude before December 25, according to a news source on November 14.
Read: Reko Diq gets Barrick Gold interested to invest USD 7 bn
According to the details, Barrick Gold Corp holds a 50% stake in the Reko Diq mine, with the remaining 50% divided between the governments of Pakistan and the province of Balochistan. Recognized by Barrick as one of the world’s largest underdeveloped copper-gold areas, the mine has been a focal point for investment and strategic partnerships.
While the valuation details and the identity of the international adviser remain undisclosed, it is noteworthy that Barrick has previously committed to a USD 10 billion investment in the project. Barrick’s openness to bringing KSA on board as a partner was expressed in August.
Read: Barrick Gold makes first payment for Reko Diq project
Upon completion of the valuation, Islamabad plans to engage in discussions with Riyadh to determine the expectations and terms of the potential partnership. The Saudi Arabian government has not yet issued a response to the inquiry. |
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