Islamabad (TDI): Saudi Arabia’s Minister for Investment Sheikh Khalid Bin Abdul Aziz Al-Falih on Thursday confirmed that Manara Minerals, a Saudi-backed venture, is set to acquire a stake in Barrick Gold’s Reko Diq gold and copper mine within the next few weeks.
Barrick Gold holds a 50% share in Pakistan’s Reko Diq mine, while the remaining half is split between the Pakistani government and the provincial government of Balochistan.
Reko Diq is considered one of the world’s largest undeveloped gold and copper reserves.
Speaking at the Pakistan-Saudi Business Forum in Islamabad, Al-Falih expressed optimism about the upcoming deal, stating, “Manara, a newly-formed venture between PIF and Ma’aden, is eager to start multiple initiatives, with Reko Diq being the first, which we hope to finalize soon.”
He added that Barrick Gold, already operating in Saudi Arabia, views this partnership as a valuable addition to the project.
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Manara Minerals, supported by the Saudi sovereign wealth fund, is expected to invest at least $1 billion in Reko Diq, underlining Saudi Arabia’s growing interest in Pakistan’s mineral wealth.
The Saudi minister described this investment as a “pilot project” with potential for expansion.
Al-Falih’s remarks follow the arrival of a high-powered Saudi delegation in Islamabad for a three-day official visit.
Saudi Arabia’s Investment in Pakistan
He reiterated Saudi Arabia’s commitment to investing $5 billion in Pakistan, a pledge made by Crown Prince Mohammed bin Salman during Prime Minister Shehbaz Sharif’s visit to the kingdom earlier this year.
The initial phase of this investment is likely to focus on the mineral sector, particularly Reko Diq, while there is also interest in petroleum, agriculture, and IT.
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Discussing Saudi Arabia’s Vision 2030, Al-Falih emphasized the importance of extending prosperity to their partners, stating, “No country, no matter how wealthy, can compete alone in today’s global market. Large markets and human resources are essential.”
He also highlighted Pakistan’s potential in the ICT sector, noting, “Pakistan has nearly unlimited potential in ICT, thanks to its talented workforce,” and cited the role of Pakistanis in the development of Aramco as a testament to this talent.
