In a recent exclusive interview with Bloomberg, Barrick Gold Corp’s Chief Executive Officer, Mark Bristow, revealed that several major international mining players, including Saudi Arabia, are keen to get involved in the colossal $7 billion Reko Diq project in Pakistan. This project, situated in the province of Balochistan, is touted as one of the world’s largest undeveloped copper-gold regions.
Bristow stated that there is a noticeable resurgence of interest from international mining companies that were previously hesitant to venture into what were considered risky regions of the world. He emphasized the growing scarcity of copper and noted, “They have an interest. Of course, they’re a lot more conservative than I am, but as we open up these areas, whatever way you look at copper, there’s not enough of it.”
One of the most intriguing aspects of this development is the potential involvement of Saudi Arabia. Bristow expressed optimism about a collaboration between Saudi Arabia and Pakistan, saying, “We would not have a problem if Saudi Arabia and Pakistan came to an agreement. The Saudis are very interested in participating.” Saudi Arabia’s interest in the project adds a new dimension to the dynamics of the mining industry in the region.
Barrick Gold, the world’s second-largest gold producer, regards Middle Eastern sovereign wealth funds as “serious” long-term investors who can contribute significantly to expanding its copper and gold businesses. Additionally, Saudi Arabia’s deep pockets and substantial political influence in Pakistan make it an attractive potential partner for Barrick.
Currently, Barrick Gold controls half of the Reko Diq mine, with the remaining half held by the central and provincial governments of Balochistan. With renewed interest from international mining giants and the potential involvement of Saudi Arabia, the Reko Diq project is poised to become a focal point in the global mining industry, promising substantial economic and geopolitical ramifications.
