Saudi mining company Manara Minerals is holding talks in Islamabad to buy a stake in Pakistan's Reko Diq gold-copper project, the Pakistani government announced.
Located in the restive southwestern Balochistan province, the Reko Diq mine, jointly owned by global mining company Barrick Gold Corp and the Pakistani government, is considered one of the world's largest underdeveloped gold and copper deposits.
The details of the talks have not been disclosed, however, according to some reports, Manara Minerals was initially interested in investing $1 billion to take a minority share in the copper mine.
Manara Minerals is a joint venture between state-owned Saudi miner Ma'aden and Saudi Arabia’s Public Investment Fund (PIF).
Barrick has said it will invest up to $10 billion to develop the project. Last year, the company announced plans to begin production at the project in 2028. The feasibility study is to be finalized by the end of this year.
Barrick's share in Reko Diq is 50%, the Balochistan authorities own 25%, and three Pakistani state-owned companies cumulatively have a 25% stake. The project's mine life is estimated at 40 years.
Hélène Tarin for Rough&Polished
