Barrick Gold, a leading Canadian mining firm, has indicated its openness to the Saudi Public Investment Fund (PIF) acquiring a 25% stake in the Reko Diq mine located in Balochistan. Mark Bristow, the CEO of Barrick Gold, discussed this potential partnership in a recent interview with Reuters.
The Reko Diq mine, recognized for its vast deposits of gold and copper, is currently jointly owned by Barrick Gold and the governments of Pakistan and Balochistan, each holding a 50% stake. Bristow clarified that while the company is open to the Saudi investment, Barrick Gold has no intention of reducing its own share.
Bristow added, “We control the project and therefore have the first right of refusal. However, there are no reservations on our side.” Barrick Gold is said to back PIF acquiring 25% of Pakistan’s equity in the venture, even though Pakistan hasn’t expressed intentions to sell. Interestingly, a mining conference in Islamabad earlier this month saw attendance from both Saudi officials and Barrick Gold representatives.
The Saudi interest in this project aligns with their broader strategy to diversify investments beyond oil. Just this month, PIF announced its acquisition of a 10% stake in Brazil’s Vale Metals. Concurrently, Barrick Gold and the Saudi government-owned Ma’aden run a joint copper project in Jeddah.
However, the Reko Diq project faces challenges in Balochsitan. Baloch pro-independence groups, who historically resist foreign investments in the region—viewing them as exploitative—have aired their reservations. The Baloch Raji Ajoi Sangar (BRAS), a coalition of Baloch armed groups, released a statement warning against the Reko Diq deal. Baloch Khan, BRAS’s spokesperson, underscored their commitment to safeguarding Baloch resources and cautioned Barrick Gold of the severe risks and consequences.
In a broader context, foreign investments in Balochistan, particularly those linked to the China-Pakistan Economic Corridor (CPEC), have faced similar opposition from Baloch pro-independence groups. Recent years have seen multiple attacks on Chinese personnel involved in CPEC projects, with major attacks involving self-sacrifice carried out by the Majeed Brigade of the Baloch Liberation Army.