Saudi Arabia is inching closer to a potential deal to acquire a minority stake in the Reko Diq copper and gold mine project in Balochistan province, Bloomberg reported.

Located in the Chagai district of Balochistan, Reko Diq contains one of the biggest undeveloped copper and gold deposits in the world, with the potential to produce a large amount of these precious commodities for decades.

The project is owned 50 percent by Canada-based Barrick Gold Corporation, 25 percent by three federal state-owned enterprises, 15 percent by Balochistan government on a fully funded basis, and 10 percent by Balochistan on a free carried basis, according to Barrick.

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. It could announce that it’s reached a preliminary agreement on the terms of a transaction as soon as the next few weeks, according to the people.

Pakistan’s “Special Investment Facilitation Council”, which also includes its army chief, was trying to remove obstacles in this regard. Prime Minister Shehbaz Sharif will soon constitute a committee comprising finance ministry officials and all stakeholders in order to ensure smooth completion of the Saudi investment.

“Following this investment, Pakistan and Saudi Arabia will sign agreements for further investment in the mining sector,” the report read.