Riyadh: Saudi Arabian mining company Manara Minerals is expected to invest in Pakistan’s Reko Diq mine within the next two quarters, according to Pakistan’s Petroleum Minister Musadik Malik. The investment could mark a significant step in the development of one of the world’s largest undeveloped copper-gold reserves.
Manara’s Growing Role in Global Mining
Manara Minerals is a joint venture between the state-owned Ma’aden Mining Company and Saudi Arabia’s $925-billion Public Investment Fund (PIF). Established to support the kingdom’s economic diversification plans, Manara focuses on acquiring minority stakes in valuable assets abroad, including those in the mining sector. The company aims to reduce the nation’s dependency on oil by expanding into other industries like mining.
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Reko Diq Investment on the Horizon
Minister Musadik Malik expressed optimism during the Future Minerals Forum in Riyadh, stating, “I’m very hopeful that in the next quarter or two we will have very big announcements.” These announcements are expected to focus on copper, a key resource in the global transition to clean energy. Malik hinted that Manara Minerals would likely play a role in these developments, stating, “Why not, of course,” when asked about their involvement in the Reko Diq project.
Reko Diq
Reko Diq, located in Pakistan’s Balochistan province, is considered one of the largest untapped copper-gold deposits in the world. This mining site has long attracted global investors due to its vast mineral wealth. Saudi Arabia’s potential involvement is seen as a game-changer for Pakistan’s mining sector. Executives from Manara Minerals visited Pakistan in May 2024 to discuss the possibility of acquiring a stake in the project. Their interest signals growing foreign interest in Pakistan’s rich natural resources.
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