By:Middleeastmonitor

Saudi Investment Minister Khalid Al-Falih announced at an economic conference in Islamabad yesterday that Saudi’s Manara Minerals Investment Company will acquire a stake in the project, which is controlled by Barrick Gold, as reported by Bloomberg.

Al-Falih further explained that the Saudi company, a joint venture between the Saudi Arabian Mining Company (Ma’aden) and the Saudi Public Investment Fund (PIF), is expected to invest at least $1 billion in the mining project located in the southwestern Pakistani province of Balochistan.

The Reko Diq project, situated near the borders of Afghanistan and Iran, is scheduled to begin production in 2028. Barrick owns 50 per cent of the project, while the Pakistani federal government holds a 25 per cent stake, and the remaining share is owned by the Balochistan provincial government. Saudi is set to buy part of the government stake in the project.