The Saudi “Manarat Metals Investment” Company expressed its intention to conclude an agreement to purchase a minority stake owned by the Pakistani government in the “Rico Diq” copper and gold extraction project controlled by the “Barrick Gold” company.
Saudi Minister of Investment Khalid Al-Falih told Bloomberg at an economic conference in Islamabad, “It is expected that the Manarat Metal Investment Company will invest no less than one billion dollars in the mining project located in the Balochistan province, southwest of Pakistan.”
Last April, Pakistani Finance Minister Muhammad Aurangzeb said during an interview with “Bloomberg” that the Kingdom of Saudi Arabia is interested in investing in multiple sectors, including metals and mining.
The “Rico Deck” project, in the Balochistan region bordering Afghanistan and Iran, is scheduled to begin production in 2028. “Barrick” owns 50% of the project, the Pakistani federal government’s share is 25%, and the Balochistan provincial government owns the remaining share.
Mark Bristow, CEO of Barrick, said in an interview with Bloomberg during November 2023, that Saudi Arabia is in talks with Pakistan to buy part of the government’s stake in “Rico Deck.” Bristow explained that the second largest gold producer in the world will support any decision the government takes with Saudi Arabia, while Barrick will not reduce its stake in the project.
During April, Pakistan and the Kingdom of Saudi Arabia confirmed their commitment to accelerating the first wave of an investment package worth $5 billion, during a meeting between Pakistani Prime Minister Muhammad Shahbaz Sharif and Saudi Crown Prince Mohammed bin Salman in the Kingdom at the time.
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