Saudi Arabia may acquire partial ownership in Reko Diq, one of the world’s largest undeveloped copper and gold deposits, through an equity purchase with Pakistan’s government.
Mark Bristow, CEO of Barrick Gold that develops the project, said: “That’s something that is in the hands of the Pakistan government to come to a decision on. We would support any decision that’s made by the Pakistan government with the Saudis.”
The project, in the Balochistan region bordering Afghanistan and Iran, is capable of producing 200 000 t of copper and 250 000 oz of gold a year for more than half a century.
Reko Diq is 50% owned by Barrick, with Pakistan’s federal government holding a 25% stake and the Balochistan regional government owning the rest. Barrick will not dilute its equity in the project.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
