Saudi deal on Reko Diq 'nears completion'
Barrick Gold of Canada, which was a partner in Tethyan Copper Company with Antofagasta of Chile, will hold 50% shareholding in the revived Reko Diq project while SOEs will have 25% shareholding. photo: file
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 is jointly owned by Canadian mining giant Barrick Gold Corporation (50%), the Centre (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.