Saudi Arabian mining company Manara Minerals is expected to invest in Pakistan’s Reko Diq mine within the next two quarters, according to Petroleum Minister Musadik Malik, as reported by Reuters.
Manara, a joint venture between the state-owned Ma’aden and the $925 billion Public Investment Fund (PIF), aligns with Saudi Arabia’s efforts to diversify its economy beyond oil by acquiring minority stakes in global assets.
Speaking at the Future Minerals Forum in Riyadh, Malik expressed optimism about significant developments in Pakistan’s copper mining sector this year, including potential investments in Reko Diq and surrounding mines. When asked about Manara’s involvement, Malik responded positively, saying, “Why not, of course.”
Manara executives visited Pakistan in May 2024 to discuss acquiring a stake in Reko Diq. The project, co-owned by Barrick Gold and Pakistan, is one of the largest undeveloped copper-gold resources globally. Robert Wilt, then acting CEO of Manara and now CEO of Ma’aden, confirmed last year that Reko Diq was a key opportunity under consideration. Malik also mentioned that Pakistan is exploring mining partnerships with other Gulf countries.
