In a move that signals Saudi Arabia’s growing appetite for critical minerals, Manara Minerals, an investment arm of the kingdom, is gearing up to acquire a 10-20% stake in Pakistan’s Reko Diq copper and gold mining project. Nestled in Balochistan’s rugged terrain near the Afghan and Iranian borders, Reko Diq isn’t just another mine—it’s a potential game-changer. With ambitions to produce 400,000 tonnes of copper and 500,000 ounces of gold annually, this mega-project is poised to reshape Pakistan’s economic future and play a pivotal role in the global clean energy race.
The deal, estimated between $500 million and $1 billion, involves Manara purchasing a slice of Pakistan’s 25% ownership. But this isn’t just about equity; it’s about securing a foothold in the global copper supply chain. “This is massive,” declared Barrick Gold’s CEO, Mark Bristow, whose Canadian mining giant helms the project. Speaking at a Riyadh summit, Bristow emphasized that Saudi involvement brings heavyweight backing and regional credibility, both of which could catapult Reko Diq’s standing on the world stage.
Beyond the numbers, the project’s logistical engine is already revving. An airstrip and accommodations for 1,000 workers are under construction, with mining activities slated to commence soon. Funding for the $4.5 billion first phase will draw from Pakistan, Barrick, and global lenders like the World Bank and Asian Development Bank. What’s more, revenues from this initial phase will bankroll a second, equally massive $4.5 billion expansion, highlighting the sheer scale of this venture.
For Saudi Arabia, this isn’t just a strategic investment—it’s a statement. Minister Bandar Alkhorayef called it a step towards securing the kingdom’s industrial future, leveraging partnerships with “friendly nations” like Pakistan. As Petroleum Minister Musadik Malik optimistically forecasts a deal within six months, the desert kingdom and its South Asian ally seem poised to carve a golden alliance—literally and figuratively—out of Reko Diq’s mineral-rich heart.
(Source: Financial Times | Pakistan Today)
