Saudi Arabia is looking to buy Reko Diq mine in Balochistan which is being declared at a cost of $7 billion by Canadian company Barrick Gold, the Wall Street Journal reported on Thursday.

The report said that Pakistan is reaching out to the Gulf countries for investment opportunities as it tries to shore up its economy.

The mine is currently being developed by Barrick Gold after a lengthy legal battle.

The WSJ report said that the deal could be a part of a new shift where Gulf countries stop lending Pakistan money and instead start acquiring their assets as part of sovereign wealth funds.

The news comes soon after Pakistan set up a investment facilitation council including the army chief with a focus on getting investment from the Gulf countries.

Pakistan was looking at default until a few months ago, when it manged to sign a deal with the International Monetary Fund and get help from ‘friendly’ countries such as China, UAE and Saudi Arabia.

Wall Street Journal said Riyadh could buy the government of Pakistan’s 50% share in the copper mine and that talks were underway with Barrick Gold.