Saudi Fund Eyes Up to $1 Billion Stake in Pakistan’s Reko Diq

Saudi fund Manara Minerals is ready to acquire a 10-20 percent equity stake in Pakistan’s Reko Diq copper and gold project for $0.5-1 billion, according to Financial Times. The potential investment involves purchasing the stake from the federal government which co-owns the project with Canada’s Barrick Gold. Petroleum Minister Musadik Malik recently confirmed that Manara Minerals could finalize the deal within the next two quarters. He also revealed that Pakistan is exploring investment opportunities with other Gulf nations. Talks between Pakistan and Manara Minerals date back to May 2023 when the fund’s executives visited the country. The Reko Diq project, located in Balochistan, is being jointly developed by Barrick Gold and the federal government. It is a cornerstone of Pakistan’s mining ambitions and draws interest from international investors. Reko Diq is regarded as one of the world’s largest undeveloped copper-gold resources.