Saudi Arabia's Manara Minerals Investment Co., backed by the Saudi sovereign wealth fund, plans to invest $1B in Pakistan's Reko Diq copper and gold mine controlled by Barrick Gold Corp.

Saudi Arabia is moving closer to a potential $1 billion deal to acquire a minority stake in a Pakistan mine controlled by Barrick Gold Corp. Manara Minerals Investment Co., backed by the Saudi sovereign wealth fund, plans to invest at least $1 billion in the Reko Diq copper and gold mining project. The Saudi company may increase its investment over time, and a preliminary agreement could be announced within the next few weeks. The mine is part-owned by Pakistan's government, and negotiations are ongoing.