Saudi Arabia Moves Closer to $1 Billion Barrick Pakistan Deal

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 said.

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. It could announce that it’s reached a preliminary agreement on terms of a transaction as soon as the next few weeks, according to the people. 

The Saudi company may increase its investment over time in the mine, which is part-owned by the Pakistan government. Deliberations are ongoing, and talks could still fall apart or be delayed. A representative for Saudi Arabia’s Public Investment Fund, which is a major shareholder in Manara, declined to comment. A spokesperson for Barrick didn’t respond to queries. 

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