Saudi Arabia in talks about a stake in Reko Diq gold and copper project

13th May 2024 Saudi Arabia in talks about a stake in Reko Diq gold and copper project

High level meeting

According to Reuters Saudi Arabian representatives of Manara Minerals were in Islamabad for talks regarding a potential stake in Pakistan’s Reko Diq gold and copper mine, according to a Pakistan government document. The Reko Diq Mining Company assets, is situated in Balochistan province, is touted as one of the world’s largest underdeveloped copper-gold areas by Barrick Gold Corporation, which co-owns the project with Pakistan.

The Manara officials, part of a broader delegation of Saudi investors and companies, are keen to continue negotiations on the Reko Diq project. This visit underscores the growing interest of Saudi investors in Pakistan’s mining sector.

Big investment

Barrick has committed to investing up to $10 billion in developing the project, highlighting its significance in the global mining landscape.

While Manara Minerals, a joint venture between Ma’aden and Public Investment Fund (PIF), declined to comment, Pakistani officials Senator Dr. Musadik Malik and Commerce Minister Jam Kamal Khan have indicated that the Saudi delegation will explore investment opportunities across various sectors, including agriculture, mining, aviation, and livestock.

This visit follows Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah’s recent trip to Islamabad, during which Pakistani authorities briefed him on investment prospects in the country. With Pakistan striving for economic recovery and seeking foreign investment to address its balance of payments crisis, partnerships like these hold immense potential for mutual growth and development.

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