Saudi Mining Firm Eyes Stake in Pakistan’s Reko Diq Mine

Islamabad: The Executives from Saudi Arabian mining company Manara Minerals are currently in Islamabad for discussions regarding a potential stake in the Reko Diq gold and copper mine, as revealed by government documents.

The Reko Diq mine, situated in Pakistan’s southwestern Balochistan province, stands as one of the world’s largest underdeveloped copper-gold areas, jointly owned by Barrick Gold Corp and Pakistan. The arrival of Manara Minerals officials signals a potential infusion of investment into this strategically important project.

According to a document seen by Reuters, the Manara delegation is part of a larger group of Saudi investors and companies currently in Islamabad, with a stated objective to explore investment opportunities. The document listed Manara Minerals’ general manager as keen to “continue the negotiations on the Reko Diq project,” indicating a significant interest in the potential investment.

While Barrick has pledged up to $10 billion for the development of the Reko Diq project, Manara Minerals, a joint venture between Saudi state-owned miner Ma’aden and Saudi Arabia’s Public Investment Fund (PIF), has yet to confirm its investment plans publicly.

Pakistan’s Petroleum Minister Musadik Malik and Commerce Minister Jam Kamal highlighted the Saudi delegation’s visit on Monday, underscoring its significance in exploring investment avenues across multiple sectors, including agriculture, mining, aviation, and livestock. However, specific details regarding potential investments from Saudi companies were not disclosed.

Manara’s acting CEO Robert Wilt previously indicated the company’s interest in acquiring a stake in the Reko Diq mine, with reports suggesting an initial investment of $1 billion for a minority share in the copper mine, as reported by Bloomberg.

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