Barrick Gold to Enable Saudi Acquisition of Stake in Reko Diq Mine
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Barrick Gold, a prominent Canadian mining company, has expressed its willingness to allow the Saudi Public Investment Fund (PIF) to acquire a 25% stake in the Reko Diq mine situated in Balochistan. In a recent interview with Reuters, Mark Bristow, CEO of Barrick Gold, discussed the potential collaboration.
The Reko Diq mine is renowned for its substantial deposits of gold and copper and is presently co-owned by Barrick Gold and the governments of Pakistan and Balochistan, each holding a 50% stake. Bristow clarified that while Barrick Gold is open to the Saudi investment, the company has no plans to reduce its own share.
Bristow stated, “We hold control over the project and therefore have the primary right of refusal. Nevertheless, we have no reservations about this matter.” Barrick Gold appears to support PIF’s acquisition of a 25% stake in Pakistan’s equity within the project, even though Pakistan has not yet indicated any intention to sell. Interestingly, a mining conference in Islamabad earlier this month saw attendance from both Saudi officials and representatives of Barrick Gold.
This Saudi interest aligns with their broader strategy to diversify investments away from oil. Just recently, PIF announced its acquisition of a 10% stake in Brazil’s Vale Metals. Coincidentally, Barrick Gold and the Saudi government-owned Ma’aden are jointly involved in a copper project in Jeddah.
However, the Reko Diq project encounters challenges in Balochistan. Baloch pro-independence groups, which have a history of opposing foreign investments in the region due to concerns of exploitation, have voiced their reservations. The Baloch Raji Ajoi Sangar (BRAS), a coalition of Baloch armed groups, released a statement cautioning against the Reko Diq deal. Baloch Khan, spokesperson for BRAS, emphasized their commitment to safeguarding Baloch resources and warned Barrick Gold of the serious risks and consequences involved.
In a broader context, foreign investments in Balochistan, particularly those associated with the China-Pakistan Economic Corridor (CPEC), have faced similar opposition from Baloch pro-independence groups. In recent years, there have been multiple attacks on Chinese personnel involved in CPEC projects, including significant attacks carried out by the Majeed Brigade of the Baloch Liberation Army. For years, Baloch resources are illegally outsourced or looted by China while the Balochs are left to fend for themselves.
