Saudi Arabia interested in acquiring Reko Diq stakes: Pakistan
Business
Adviser says valuation to be completed by Dec 25, talks will begin after process is completed
ISLAMABAD (Reuters/Web Desk) – Saudi Arabia has shown interest in acquiring stakes in Pakistan's Reko Diq gold and copper mine, an official of the South Asian nation said on Tuesday.
The government has hired a global adviser to value the mine's stakes, Jahanzeb Khan, the prime minister's adviser on the Special Investment Facilitation Council (SIFC), told journalists.
He did not identify the adviser.
The valuation is due to be completed by Dec 25, he said, adding that Islamabad will enter talks with Riyadh after the valuation is completed.
The Reko Diq mines are in Pakistan's southwest Balochistan province which borders Afghanistan and Iran. Mining experts believe they contain some of the world's largest copper and gold reserves.
Last week, Caretaker Prime Minister Anwaarul Haq Kakar had stated that the government hoped to conclude a deal by December with Saudi Arabia to buy stakes in Reko Diq.
“We are quite excited at the Saudi offer, and we would be very much encouraging their participation, not just in this project but otherwise also,” Kakar said in an interview with Arab News.
“It is the negotiation part, which is happening between the three parties, and let’s see what sort of outcome comes of that.”
Earlier, Barrick Gold CEO Mark Bristow told Reuters that they were open to bringing in Saudi Arabia's wealth fund as one of its partners in Reko Diq.
He also dismissed a June media report that Barrick was in talks with fellow Canadian miner “First Quantum Minerals” on a possible acquisition as a "rumour".
Barrick Gold owns a 50 per cent stake in Reko Diq, with the remaining 50pc owned by the governments of Pakistan and the province of Balochistan. Barrick considers the mine one of the world's largest underdeveloped copper-gold areas.
