The Kingdom of Saudi Arabia (KSA) has expressed its interest in acquiring government stakes in the Reko Diq gold and copper mine, a significant development following the ongoing valuation process set to conclude before December 25, as per the report.
Barrick Gold Corp currently holds a 50% stake in the Reko Diq mine, while the remaining 50% is divided between the governments of Pakistan and the province of Balochistan.
Acknowledged by Barrick as one of the world’s largest underdeveloped copper-gold areas, Reko Diq has attracted considerable attention for potential investments and strategic partnerships. Although the specifics of the valuation and the identity of the international adviser remain undisclosed, Barrick had previously committed to investing USD 10 billion in the project, signaling openness to Saudi Arabia as a partner back in August.
Upon the conclusion of the valuation process, Islamabad aims to initiate discussions with Riyadh to establish the expectations and terms of a potential partnership. The Saudi Arabian government has yet to issue a formal response to the inquiry. This move underscores the evolving dynamics of international collaboration in resource development, as nations explore partnerships to harness the economic potential of valuable mining assets.
The Reko Diq mine’s strategic importance and the involvement of major stakeholders like Barrick Gold make it a focal point for negotiations and potential collaborations, reflecting the broader trend of global cooperation in the exploration and extraction of key natural resources.
The expressed interest of the Kingdom of Saudi Arabia (KSA) in acquiring government stakes in the Reko Diq gold and copper mine signals a potentially transformative collaboration in the mining sector. The ongoing valuation process, set to conclude by December 25, adds a layer of anticipation to this development.
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