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Clare » January 22nd, 2025
Saudi Arabia prepares to acquire the largest gold mine in the world
1/22/2025
The Saudi company “Manarat Al-Maaden Investment” intends to buy between 10 and 20% of the “Reco Diq” project, the largest gold and copper mine in the world, located in Pakistan, with securing a purchase agreement for future production.
The mining fund (one of the company’s owners) will buy the stake from the government of Pakistan, which owns 25% of the mine, for between $500 million and $1 billion.
The Rico Deck project, being developed by Barrick Gold, is expected to be one of the largest copper and gold mines in the world once completed, and will cost around $9 billion.
According to Barrick, the Reko Diq mine, located in western Balochistan near the Afghan and Iranian borders, will produce up to 400,000 tonnes of copper and 500,000 ounces of gold once the two phases of the project are completed.
In December 2024, the Pakistani government revealed its approval to sell a 15% stake in the mine to Saudi Arabia for $540 million, according to the Energy website. LINK
Source: Dinar Recaps
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