Mark Bristow, CEO of Barrick Gold, stated in an interview with Reuters on Tuesday that the company would not oppose Saudi Arabia's sovereign wealth fund purchasing a stake in the Reko Diq gold and copper mine in Pakistan. Barrick Gold, a Canadian mining company, owns a 50% stake in the mine, while the remaining shares are held by the Pakistani government and the government of Balochistan. The company views the mine as one of the largest untapped copper and gold exploration areas in the world.
Bristow added that the company would not reduce its stake in the project but would "not mind" the Saudi Public Investment Fund buying shares of the Pakistani government. Saudi officials participated in a mining conference held in Islamabad earlier this month, attended by representatives from Barrick Gold. The company collaborates with Saudi Arabian Mining Company (Ma'aden) in managing a copper exploration project in Jeddah.
The Saudi Public Investment Fund is looking to invest in copper exploration projects worldwide as part of its plan to finance energy transition projects. The fund agreed this month to acquire a 10% stake in Brazilian mining giant Vale's operations. Barrick Gold is the second-largest gold producer in the world and considers sovereign wealth funds in the Middle East as "serious" long-term investors that can support its vision of expanding its copper and gold exploration projects.
