A delegation from Saudi Arabia’s Manara Minerals has arrived in Pakistan to discuss the potential acquisition of a share in the Reko Diq mine, one of the world’s most promising undeveloped gold and copper deposits.
Located in the volatile Balochistan province of Pakistan, this mine is a joint venture between the Pakistani government and global mining giant Barrick Gold Corp. It holds significant untapped mineral wealth, and Barrick Gold Corp has projected an investment of up to $10 billion to bring the project to fruition.
The team from Manara Minerals, which is a partnership between the Saudi state-owned mining company Ma’aden and the Public Investment Fund (PIF), is part of a larger Saudi business contingent looking to explore various investment opportunities in Pakistan across diverse sectors including agriculture, mining, aviation, and livestock.
Although no official statements have been made, a document indicating the Saudi delegation’s intentions to further negotiate on the Reko Diq project has surfaced. However, Manara Minerals has not publicly commented on these discussions.
On the Pakistani side, officials have expressed enthusiasm about the potential investments. The visit from the Saudi investors comes at a critical time for Pakistan, as the country seeks to stabilize its economy and improve its balance of payments situation. A successful negotiation could bring much-needed foreign investment into the nation’s mining sector and contribute to its economic recovery.
The recent visit by the Saudi foreign minister to Pakistan laid the groundwork for this ongoing dialogue, highlighting the investment opportunities available within the country. This latest development with Manara Minerals signifies a continued interest from Saudi Arabia in bolstering its investment presence in Pakistan.