Islamabad 12 August: Barrick Gold Corporation’s CEO, Mark Bristow, has categorically denied that his company is acting as a mediator or facilitator in negotiations between Pakistan and Saudi Arabia regarding the Reko Diq copper-gold project.
Bristow clarified that Barrick is not involved in bridging discussions between the two nations, despite earlier speculation linking the firm to potential Saudi investment in the $7 billion venture.
The Reko Diq project, located in Pakistan’s Balochistan province, is one of the world’s largest undeveloped copper-gold deposits. Barrick holds a 50% stake alongside the Pakistani government, with production slated to begin by 2028.
Saudi Arabia has expressed interest in acquiring a portion of Pakistan’s share, with talks ongoing since at least November 2023, when Bristow previously noted Saudi involvement without confirming finalization. However, Bristow’s latest statement dismisses any role for Barrick in facilitating these deals, emphasizing the company’s focus on development and a planned $3 billion funding package.
Analysts suggest the denial could stem from efforts to avoid perceptions of interference in bilateral affairs, especially amid Barrick’s own financing discussions with U.S. and international lenders for up to $3.5 billion.
As of February 2024, no agreements had been finalized between Pakistan and Saudi Arabia, according to prior reports. The project remains a key economic driver for Pakistan, with potential to boost foreign investment amid ongoing fiscal reforms.
