Islamabad: Saudi Arabia’s Mining Minister, Bandar Alkhorayef, has revealed that Manara Minerals, a prominent Saudi mining company, is evaluating a potential investment in Pakistan’s Reko Diq mine. The Saudi Development Fund (SDF) is also exploring the possibility of contributing over $100 million to enhance Pakistan’s mining infrastructure.
Speaking on the sidelines of the Future Minerals Forum in Riyadh, Alkhorayef emphasized the importance of infrastructure development to ensure the economic viability of mining projects. “Without that infrastructure, the economics of the deal are not attractive, so through the Saudi Development Fund, we are thinking about how we can finance it,” he stated.
Pakistan’s Petroleum Minister, Musadik Malik, expressed optimism about Manara Minerals’ potential involvement in the Reko Diq project. He indicated that significant announcements regarding copper mining, including the Reko Diq mine and its surrounding areas, are expected within the next quarter or two.
“We’re very hopeful that this year, we will make some big announcements, both in the way of Reko Diq, but hopefully also in mines around it,” Malik said. He also confirmed that discussions with Manara Minerals are ongoing, along with talks with other Gulf countries about potential mining investments in Pakistan.
Executives from Manara Minerals visited Pakistan in May last year to explore the possibility of acquiring a stake in Reko Diq. The mine, jointly owned by global mining giant Barrick Gold and the Government of Pakistan, is considered one of the world’s largest undeveloped copper-gold deposits.
Manara Minerals, a joint venture between Saudi Arabia’s state-controlled miner Ma’aden and the $925-billion Public Investment Fund (PIF), is part of the kingdom’s efforts to diversify its economy beyond oil by investing in global mining assets.
The potential investment is expected to strengthen Pakistan’s mining sector and bolster its economy by unlocking the value of Reko Diq’s vast mineral resources.
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