Barrick Gold Corp. closed C$6.29 short of its 52-week high of C$29.50, which the company reached on October 21st.

Barrick Gold shares are trading higher by 1.4% during Friday's session. Mining stocks are rising, likely in sympathy with Rio Tinto and Glencore's potential merger talks.

Saudi Arabia's investment mining fund is set to buy a 10%-20% stake in Barrick Gold's (NYSE:GOLD) $9B Reko Diq copper and gold project in Pakistan, Financial Times reported Tuesday, as the kingdom seeks to accelerate its expansion into the copper sector.

Pakistan’s deal with Saudi Arabia for the sale of a stake in the copper and gold mining project controlled by Barrick Gold Corp. is still in the process of negotiating key details, including where the minerals will be processed.

Saudi Arabia’s investment mining fund is set to buy a stake in Pakistan’s Reko Diq project, which will be one of the world’s largest copper mines once complete, as the kingdom accelerates its expansion into the sector.