Saudi Arabia’s Investment Minister, Sheikh Khalid Bin Abdul Aziz Al Faleh, announced on Thursday that Manara Minerals, a company backed by Saudi Arabia’s sovereign wealth fund, is poised to acquire a stake in Barrick Gold’s Reko Diq project in the coming weeks. Reko Diq, one of the world’s largest untapped copper and gold reserves, is a key asset in Pakistan’s Balochistan province.
Currently, Barrick Gold holds a 50% stake in the Reko Diq mine, with the remaining shares divided between the federal and provincial governments of Pakistan. This new partnership will see Saudi Arabia’s Public Investment Fund (PIF) and Ma’aden, Saudi Arabia’s leading mining company, entering the venture through their newly-formed entity, Manara Minerals.
During his address at the Pakistan-Saudi Arabia Business Forum in Islamabad, Al Faleh expressed optimism about the partnership. “Manara is eager to begin several initiatives, starting with the Reko Diq project,” he said. He noted that Barrick Gold, already operating in Saudi Arabia, views this collaboration as a positive step that could lead to further joint ventures in the future.
Manara Minerals plans to invest at least $1 billion into the Reko Diq project, signaling Saudi Arabia’s growing interest in Pakistan’s mineral wealth. The Saudi minister emphasized that this investment aligns with the broader $5 billion investment package agreed upon between Prime Minister Shehbaz Sharif and Crown Prince Mohammed bin Salman earlier this year.
Al Faleh also highlighted the strategic importance of Vision 2030, Saudi Arabia’s ambitious plan to diversify its economy, and underscored the kingdom’s commitment to extending prosperity to its global partners, including Pakistan. Beyond minerals, the Saudi government is exploring opportunities in Pakistan’s ICT, petroleum, agriculture, and energy sectors.
He further praised Pakistan’s potential in the information and communication technology (ICT) sector, noting that “Pakistan has nearly unlimited potential” in ICT, driven by its skilled workforce, which has played a vital role in building global firms like Aramco.
This deal marks a significant milestone in Pakistan-Saudi economic cooperation, particularly in the minerals sector, and signals the kingdom’s confidence in Pakistan’s economic future.
