Pakistan-Saudi Arabia talks on Reko Diq mining project near completion: Petroleum minister

Saudi's Manara Minerals Investment Company to invest $1 billion in the project by acquiring a minority stake

Pakistan is nearing the conclusion of negotiations with Saudi Arabia on the massive Reko Diq copper-gold mining project, one of the world’s largest untapped resources, according to Petroleum Minister Dr Musadik Malik.

In a statement made on Wednesday, Dr Malik revealed that discussions with Saudi Arabia also include potential collaborations on water infrastructure projects, signalling a broader cooperation between the two nations.

The Reko Diq mine, situated in Balochistan's Chagai district, is jointly owned by Canadian mining giant Barrick Gold Corporation (50%), the federal government of Pakistan (25%), and the provincial government of Balochistan (25%). Production at the site is projected to commence in 2028.

Earlier this year, reports surfaced that Saudi Arabia’s Manara Minerals Investment Company, which is supported by the Saudi Development Fund, is planning to invest at least $1 billion in the project by acquiring a minority stake, as reported by Bloomberg in April.

Despite this, Barrick Gold's CEO, Mark Bristow, has assured that the company will respect any agreement between Pakistan and Saudi Arabia, though it will not reduce its share in the project.

The potential Saudi investment underscores growing economic ties between Pakistan and Saudi Arabia, with the Reko Diq project poised to significantly contribute to both countries' development plans.