VALE - Saudi Arabia Near Deal For Stake In Gold Copper Mine Project In Pakistan's Troubled Province | Benzinga
Saudi Arabia's Manara Minerals is reportedly in advanced talks to acquire a minority stake in Pakistan’s Reko Diq gold and copper mine project. The project, located in the commodity-rich province of Balochistan, is on track to start production by 2028.
According to Bloomberg and the state-run Radio Pakistan, the official announcement could come within a few weeks. Pakistan's Special Investment Facilitation Council, which was set up last year to revive the economy, is reportedly working on the deal.
The current ownership structure of Reko Diq sees Barrick Gold Corp (NYSE:GOLD) holding a 50% stake, with the remaining 50% divided between the federal government of Pakistan (25%) and the Balochistan provincial government (25%). Although Manara’s entry would dilute ownership somewhat, Barrick's CEO Mark Bristow expressed openness to Saudi Arabia acquiring Pakistan’s stake.
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