Saudi Arabian mining company Manara Minerals could invest in Pakistan’s Reko Diq copper-gold mine within the next two quarters, Pakistani Petroleum Minister Musadik Malik revealed on Tuesday at the Future Minerals Forum in Riyadh.
Manara, a joint venture between Saudi state-controlled miner Ma’aden and the $925-billion Public Investment Fund (PIF), is part of Saudi Arabia’s strategy to diversify its economy by acquiring stakes in global mining assets.
“I’m very hopeful that in the next quarter or two, we will have significant announcements,” he said, adding that the deals would focus on copper mining. He also hinted at potential investments in Reko Diq and surrounding mines this year, emphasizing the region’s untapped potential.
Executives from Manara had previously visited Pakistan in May 2024 to explore opportunities in Reko Diq, one of the world’s largest underdeveloped copper-gold reserves, jointly owned by Barrick Gold and the Pakistani government. Manara’s former acting CEO, Robert Wilt, now CEO of Ma’aden, had indicated that acquiring a stake in Reko Diq was under evaluation.
While Manara has yet to comment on its plans, Minister Musadik Malik confirmed that Pakistan is also engaging other Gulf countries to attract investment in its mining sector.
