Saudi Arabia nears deal for stake in Barrick Gold's Reko Diq mine - Bloomberg [Seeking Alpha]
Barrick Gold Corporation (BC) (GOLD)
Last barrick gold corporation (bc) earnings: 2/12 07:00 am
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Source: Seeking Alpha
Manara Minerals Investment Co., backed by the Saudi sovereign wealth fund, plans to invest at least $1B in the project, and could announce a preliminary agreement as soon as the next few weeks, according to the report Barrick ( GOLD ) CEO Mark Bristow has said Saudi Arabia has been in talks with Pakistan to buy part of the government's stake in Reko Diq, but the company would not dilute its equity in the project. Bristow has said Reko Diq would rank as one of the world's top 10 copper mines if it reaches full production. The Reko Diq project, in the Balochistan region bordering Afghanistan and Iran, is targeted to begin production in 2028; Barrick ( GOLD ) owns 50% of the project, Pakistan's federal government holds a 25% stake, and the Balochistan regional government owns the remaining 25%. Recommended For You Recommended For You More Trending News
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GOLD
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- GOLD's page on the SEC website