Saudi Arabia is in talks to buy a large copper and gold mine in western Pakistan for $7 billion, according to the Wall Street Journal. The mine, called Reko Diq, is a joint venture between Barrick Gold of Canada and the Pakistani government. It is located in a remote region of Pakistan.
Reko Diq has been under development by Barrick Gold for several years after a long legal battle. The Wall Street Journal report said that Saudi Arabia is the most interested party in buying the mine, while the United Arab Emirates is focusing on agriculture, clean energy and logistics.
Pakistan is in talks with Gulf countries to attract billions of dollars in investment as Islamabad seeks to stabilize its economy. The country is also looking to attract investment from the wealthy Gulf rulers to improve its economy, which is in part aimed at bringing in foreign currency.
The report also said that talks between Islamabad and Gulf officials are in the final stages to build a Saudi oil refinery in Pakistan that could cost $14 billion.
The report said that the deal could help Pakistan to diversify its economy and reduce its reliance on foreign aid.
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