RIYADH: Saudi Arabian mining giant Manara Minerals is poised to make a significant investment in Pakistan’s Reko Diq mine within the next two quarters, according to Pakistan’s Petroleum Minister, Musadik Malik. Speaking at the Future Minerals Forum in Riyadh, Malik expressed optimism about forthcoming developments, particularly in copper mining.
Manara Minerals, a joint venture between Saudi state-controlled miner Ma’aden and the $925 billion Public Investment Fund (PIF), exemplifies the kingdom’s strategic diversification away from oil through global asset acquisitions.
Executives from Manara previously visited Pakistan in May 2023 to explore acquiring a stake in the Reko Diq project, one of the world’s largest untapped copper-gold reserves. Malik hinted at broader opportunities, suggesting potential investments in mines adjacent to Reko Diq.
“This year, we anticipate major announcements, not only for Reko Diq but also for surrounding mining projects,” said Malik, noting Manara’s likely involvement.
The potential investment marks a milestone for Pakistan’s mining sector, aligning with Saudi Arabia’s Vision 2030 to expand its non-oil economy while bolstering Pakistan’s resource development initiatives.
