In an interview with Reuters on Tuesday, Barrick CEO Mark Bristow said the company is open to bringing in Saudi Arabia’s wealth fund as one of its partners in Pakistan’s Reko Diq gold and copper mine.
He also dismissed as a “rumour” a June media claim that Barrick was in talks with fellow Canadian miner First Quantum Minerals about a prospective purchase.
Barrick Gold controls half of Pakistan’s Reko Diq mine, with the remaining half held by the governments of Pakistan and Balochistan. According to Barrick, the mine is one of the world’s largest undeveloped copper-gold regions.
Bristow stated that Barrick will not dilute its ownership in the project but “will not mind” if Saudi Arabia’s Public Investment Fund (PIF) wishes to buy out the Pakistan government’s equity.
“There is a strong relationship between Saudi Arabia and Pakistan, and since we control the project, we have first right of refusal,” Bristow continued.
He stated that Barrick will assist PIF’s entry into the mine via Pakistan’s 25% ownership interest.
Pakistan has not indicated officially that it is considering selling.
Earlier this month, Pakistan hosted officials from Saudi Arabia at a mining conference in Islamabad, where Barrick representatives were also present. A copper project near Jeddah is jointly operated by Barrick and Saudi Arabia’s state-owned mining corporation Ma’aden.
As part of its efforts to fund energy transition projects, PIF has been looking to invest in copper projects around the world.
When asked about Barrick’s interest in First Quantum Minerals, Bristow stated that the business will continue to develop its production organically and that its acquisition strategy will be “measured.” “People have suggested First Quantum… but our shareholders are gold bulls,” Bristow explained. “I’m not sure where that rumour came from; it was definitely not us, but it certainly helped lift their shares.”
