Manara Minerals, a Saudi Arabian mining fund, is poised to acquire a 10%-20% stake in Pakistan’s Reko Diq copper and gold project for an amount ranging from $500 million to $1 billion, according to a report from the Financial Times. The stake will be purchased from the Pakistani government, with the project being jointly developed by Canada’s Barrick Gold and Pakistan.
Last week, Pakistani Petroleum Minister Musadik Malik confirmed that Manara Minerals could make an investment in the Reko Diq mine within the next two quarters. Manara’s executives visited Pakistan in May of the previous year to discuss acquiring a share in the mine, which is regarded by Barrick Gold as one of the world’s largest untapped copper-gold reserves. Manara’s former CEO, Robert Wilt, who now leads Ma’aden, stated that Reko Diq was one of the various investment opportunities being considered.
In addition, Pakistan is holding discussions with other Gulf nations regarding potential mining ventures, as noted by Minister Malik.
