Saudis In Talks With Pakistan on Reko Diq, Barrick CEO Says
- Pakistan’s massive copper and gold deposit is drawing interest
- Saudi Arabia weighs partial ownership of project, Bristow says
The project, in the Balochistan region bordering Afghanistan and Iran, is capable of producing 200,000 tons of copper and 250,000 ounces of gold a year for more than half a century.
Photographer: SeongJoon Cho/Bloomberg
This article is for subscribers only.
Saudi Arabia is in ongoing talks with Pakistan to buy part of the government’s stake in a $7 billion copper project jointly owned with Barrick Gold Corp., according to the head of the mining company.
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, Barrick Chief Executive Officer Mark Bristow said Thursday in an interview.