A possible agreement to purchase a minority interest in the Reko Diq copper and gold mining project is getting closer, according to a Bloomberg article on Thursday that referenced people with knowledge of the situation.
Supported by the Saudi sovereign wealth fund, Manara Minerals Investment Company intends to contribute a minimum of $1 billion to the Reko Diq project, which is under the management of the Canadian mining company Barrick Gold Corporation.
According to Bloomberg, Manara “could announce that it’s reached a preliminary agreement on terms of a transaction as soon as the next few weeks.”
The Pakistani government owns a portion of the mine, and the Saudi corporation may eventually raise its involvement. Since discussions are still under progress, they may yet end in failure or be postponed.
