Saudi Mining Company Explores Investment in Pakistan Reko Diq Project

Saudi Arabia Mining Minister Bandar Alkhorayef has announced that Manara Minerals is considering an investment in Pakistan Reko Diq mine. The Saudi Development Fund (SDF) may contribute over 100 million dollars to improve Pakistan mining infrastructure.

Alkhorayef highlighted the importance of infrastructure, stating, “Without that infrastructure, the economics of the deal are not attractive. Through the Saudi Development Fund, we are exploring financing options.”

Pakistan Petroleum Minister Musadik Malik expressed optimism about Manara Minerals involvement, hinting at major announcements in the near future. Speaking at the Future Minerals Forum in Riyadh, Malik discussed plans centered on copper mining, particularly in Reko Diq and nearby areas.

Malik added, “This year, we are hopeful for significant developments regarding Reko Diq and possibly other mines in the area.” When asked about Manara role, he replied, “Why not, of course.” Pakistan is also engaging with other Gulf nations regarding mining ventures.

Manara executives visited Pakistan in May 2024 to discuss acquiring a stake in Reko Diq, recognized as one of the world largest undeveloped copper-gold reserves by global mining company Barrick Gold, which co-owns the project with Pakistan.

Manara former acting CEO Robert Wilt, now CEO of Maaden, confirmed that a stake in Reko Diq was among several opportunities under evaluation. Manara, a collaboration between Maaden and the 925-billion-dollar Public Investment Fund, was established to support Saudi Arabia economic diversification strategy, including investments in international assets.