Manara Minerals, supported by Saudi Arabia’s Public Investment Fund (PIF), is making a substantial bid to acquire a 15% stake in Pakistan’s Reko Diq mining project, potentially involving an investment of $1 billion. This move could significantly impact the project’s future development.
According to reports by The Express Tribune, Manara Minerals has proposed a deal that includes both a cash payment for shares and a grant for infrastructure development around the mining site. A negotiation committee has been formed to evaluate the Saudi offer and will recommend the final terms to Pakistan’s federal cabinet, which currently holds a 25% stake in the Reko Diq project.
The Reko Diq project, a major copper-gold mining venture located in Balochistan—an area bordering Afghanistan and Iran—is primarily owned by Canada’s Barrick Gold Corp. Barrick holds a 50% stake, while the federal government of Pakistan and the Balochistan regional government each hold 25%.
If the deal proceeds, the 15% stake would be drawn from the Pakistan government’s share. The Reko Diq project is expected to start production in 2028.
This development follows Bloomberg’s report in April, which indicated that PIF was preparing to invest nearly $1 billion in the project. The acquisition of a stake by Manara Minerals, a subsidiary of PIF, aligns with the broader trend of increasing Saudi investment in global mining operations.
