Reko Diq project Archives -

Saudi Arabia’s Manara Minerals Eyes Investment in Pakistan’s Reko Diq Mine

January 15, 2025January 15, 2025 Admin

RIYADH: Saudi Arabian mining giant Manara Minerals is poised to make a significant investment in Pakistan’s Reko Diq mine within the next two quarters, according to Pakistan’s Petroleum Minister, Musadik Malik. Speaking at the Future Minerals Forum in Riyadh, Malik expressed optimism about forthcoming developments, particularly in copper mining. Manara Minerals, a joint venture between Saudi state-controlled miner Ma’aden and…

Saudi Arabia Acquires 15% Stake in Reko Diq for Over Rs150 Billion

December 31, 2024December 31, 2024 Admin

ISLAMABAD: The federal cabinet has approved the sale of a 15% stake in the Reko Diq copper-gold project to Saudi Arabia for $540 million (approximately Rs150.27 billion) under the Inter-Governmental Commercial Transactions Act. This landmark deal underscores deepening economic ties between Pakistan and the Kingdom. The Kingdom of Saudi Arabia (KSA) will acquire the stake in two phases. In the…

Reko Diq Project Aims for Financial Close by June 2025: ADB Considers Guarantee Options

December 10, 2024December 10, 2024 Admin

ISLAMABAD: The financial close for the Reko Diq Mining Project is projected for June 2025, with the Asian Development Bank (ADB) exploring a third-party guarantee arrangement, according to sources. During a progress review meeting chaired by the Project Support Team (PST) at the Prime Minister’s Office, key milestones were discussed, including the completion of the feasibility study by December 2024…

PD working on Reko Diq project transaction

August 26, 2024August 26, 2024 Admin

ISLAMABAD: Petroleum Division is reportedly in the process of initiating a summary for approval of Reko Diq Project transaction under Inter-Governmental Commercial Transaction Act (IGCTA) 2002, in coordination with Ministry of Law and Justice, well informed sources told Business Recorder.This was revealed at a recent high level meeting held to discuss progress on issues of petroleum sector.Unconfirmed reports suggest that Saudi…

Centre to Sell 15% Stake in Reko Diq Project to Saudi Arabia

May 24, 2024May 24, 2024 Admin

ISLAMABAD: In a significant development, Pakistan has agreed to sell a 15% stake in the multibillion-dollar Reko Diq project to a Saudi investor after Barrick Gold Corporation refused to sell its shares. This move will reduce Pakistan’s overall shares in the project from 50% to 35%. Out of the remaining 35%, the Balochistan government’s share will stay at 25%, while…

Saudi Arabia Nears $1 Billion Investment Deal in Reko Diq Mining Project

April 19, 2024April 19, 2024 Admin

Saudi Arabia is edging closer to finalizing a potential deal to acquire a minority stake in the Reko Diq gold and copper mining project, according to sources familiar with the matter, as reported by Bloomberg. Manara Minerals Investment Company, backed by the Saudi sovereign wealth fund, is in discussions to invest a substantial sum of at least $1 billion into…