Tag: Reko Diq project

ISLAMABAD: Pakistan and the Kingdom of Saudi Arabia (KSA) are still working to finalize key details regarding the 15% stake in the Reko Diq copper and gold project in Balochistan, sources told Business Recorder. The Reko Diq Mine is currently 50% owned by Barrick Gold, while the Government of Pakistan holds 25% through state-owned enterprises (GHCL, OGDCL, and PPL). The Government of Balochistan retains 15% on a fully funded basis and 10% on a free-carried basis. Progress and Key Challenges Minister for Petroleum and Natural Resources, Dr. Musadik Masood Malik,…

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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 the $925 billion Public Investment Fund (PIF), exemplifies the kingdom’s strategic diversification away from oil through global asset acquisitions. Executives from Manara previously visited Pakistan in May 2023 to explore…

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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 first phase, a 10% stake will be purchased for $330 million, with the remaining 5% acquired in the second phase for $210 million. Following the cabinet’s approval, formalities for the…

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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 and achieving financial close six months later. The Reko Diq mine, jointly owned by Barrick Gold (50%), federal state-owned enterprises (25%), and the Balochistan Government (25%), has seen collaboration among…

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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 Arabia’s Manara Minerals Investment Co. backed by the SSF (Saudi Sovereign Fund), whose delegation is also expected next month, has shown an interest in acquiring $1billion shares in Reko Diq…

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