Mining Saudi Arabia chases 15% stake in Pakistan’s Reko Diq mine By Neil Halligan January 3, 2025, 3:53 PM Unsplash/Bruna Fiscuk Pakistan's Reko Diq mine is believed to have one of the world’s largest reserves of copper and gold Huge copper reserves Saudi stake at $540m Deal not finalised Saudi Arabia is in talks with Pakistan to acquire a 15 percent stake in one of the world’s largest undeveloped copper and gold resources, a Pakistani government minister has said. Negotiations between the two countries started last year over a minority stake in the Reko Diq copper and gold mine project in Pakistan’s southwestern Balochistan province. Media reports in Pakistan said the federal cabinet had approved the sale of a 15 percent stake for $540 million and that the Saudi Fund for Development will provide $150 million to support mineral development in the Balochistan area. However, Pakistan’s petroleum minister Musadik Malik said the deal has not been approved yet. “The matters with Saudi Arabia on Reko Diq are moving forward positively and will be finalised soon,” he said in a statement on X. “A price negotiation committee is handling the matters to ensure negotiations proceed in a timely fashion to seal the deal soon. However, it has not been finalised yet.” The mine is 50 percent owned by Canada’s Barrick Gold, one of the world’s largest gold mining companies. Three federal state-owned enterprises in Pakistan own 25 percent and the Balochistan government owns the remaining 25 percent. Oman resumes copper exports as global demand rises Saudi Arabia’s Ma’aden seeks $1bn private sector investment Critical minerals become a Middle East battleground Reko Diq is believed to have one of the world’s largest reserves of copper and gold, estimated at 5.9 billion tonnes of ore grading 0.41 percent copper and 41.5 million ounces of gold reserves, with a projected mining life of at least 40 years. Barrick said 2028 is targeted for first production from the mine, which is expected to have a combined process capacity of 90 million tonnes per annum. Demand for copper, an important component in electric vehicles and advanced battery systems, has soared from just over $2 per pound in early 2020 to $4.04 per pound on January 3 2025.
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