A delegation from Saudi Arabian mining company Manara Minerals is currently in Islamabad for ongoing discussions regarding acquiring a stake in Pakistan’s Reko Diq gold and copper mine, according to a Pakistan government document.
The Reko Diq mine, located in Balochistan province, is recognized as one of the largest underdeveloped copper-gold areas globally, jointly owned by global mining company Barrick Gold Corp and Pakistan.
The Manara Minerals executives are part of a broader Saudi delegation comprising investors and companies exploring investment opportunities in various sectors such as agriculture, mining, aviation, and livestock in Pakistan.
Barrick has committed to investing up to $10 billion in developing the Reko Diq project. Manara Minerals, a joint venture between Saudi miner Ma’aden and Saudi Arabia’s Public Investment Fund (PIF), has been in talks to potentially invest in the copper mine, initially showing interest in a minority share investment worth $1 billion, as reported by Bloomberg.
Pakistan’s Petroleum Minister and Commerce Minister have confirmed the ongoing discussions with the Saudi delegation but did not disclose specific company names involved in the talks.
