Saudi Arabia is moving closer to a potential deal to acquire a minority stake in a Pakistan mine controlled by Barrick Gold Corp., people with knowledge of the matter told Bloomberg.
Manara Minerals Investment Co., backed by the Saudi sovereign wealth fund, plans to invest at least $1 billion in the Reko Diq copper and gold mining project, the people said.
Manara Minerals Investment Co., that PIF company, may invest more over time, according to the article.
Saudi-Pakistan relations have seen an uptick in recent months. This week, Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan visited Islamabad.
In mid-April, Saudi Crown Prince Mohammed bin Salman met in Riyadh with visiting Pakistani Prime Minister Shehbaz Sharif for talks on regional and trade issues.
The Kingdom has been among key backers of crisis-hit Pakistan, which is now struggling with depleted reserves.
