Saudi Arabia is edging closer to finalizing a potential deal to acquire a minority stake in the Reko Diq gold and copper mining project, according to sources familiar with the matter, as reported by Bloomberg.
Manara Minerals Investment Company, backed by the Saudi sovereign wealth fund, is in discussions to invest a substantial sum of at least $1 billion into the Reko Diq project, currently under the control of Canadian mining giant Barrick Gold Corporation.
Reports suggest that Manara Minerals Investment Company could announce a preliminary agreement on transaction terms in the coming weeks. The investment is poised to bolster the development of the Reko Diq mine, which also involves partial ownership by the Pakistan government.
While negotiations are progressing, there is still the possibility of talks facing hurdles or experiencing delays. However, the potential for Saudi Arabia’s significant investment signals a positive step towards advancing the Reko Diq project and its economic impact in the region.
