A significant investment opportunity is unfolding in Pakistan’s mining sector. The Saudi investment fund, Manara Minerals, is ready to invest between $0.5 billion and $1 billion for a 10-20% stake in the Reko Diq copper and gold project. This investment is seen as a game-changer for Pakistan’s mining industry and economy, with the potential to shape the country’s mining future.
The Reko Diq project, located in Balochistan, is one of the largest undeveloped copper-gold resources in the world. The project is a joint venture between the Pakistan federal government and Barrick Gold, a Canadian mining company. It has long attracted global attention due to its vast reserves of copper and gold, both of which are highly sought after in international markets.
Manara Minerals is a Saudi-based fund that has been in talks with Pakistan for nearly a year. These discussions began in May 2023 when executives from the fund visited Pakistan to explore potential opportunities. Now, the deal seems close to becoming a reality. Pakistan’s Petroleum Minister, Musadik Malik, has confirmed that Manara Minerals is set to finalize the acquisition of a significant stake in the Reko Diq project within the next few months.
This partnership comes at a crucial time for Pakistan, which is eager to boost its mining sector and attract foreign investment. The potential deal with Manara Minerals is part of Pakistan’s broader strategy to diversify its sources of investment, including exploring opportunities with other Gulf nations.
The Saudi fund’s interest in the Reko Diq project underscores the growing international recognition of Pakistan’s mining potential. The project, with its vast mineral wealth, has the potential to transform the region’s economic landscape and offer new jobs and opportunities to the local population in Balochistan.
For Pakistan, this is more than just an investment in a mining project. It is an opportunity to strengthen ties with Saudi Arabia and other Gulf nations, paving the way for more collaborations in the future. Additionally, the success of the Reko Diq project could serve as a model for other mining ventures in Pakistan, drawing more global investors to the country.
As the deal progresses, all eyes will be on the Reko Diq project to see how it develops and how Pakistan’s economy will benefit from this landmark investment. With Manara Minerals at the helm, the future of Pakistan’s mining sector looks brighter than ever, offering hope for economic growth and increased foreign investment.
