Saudi Arabian mining giant Manara Minerals is preparing to make significant investments in Pakistan’s Reko Diq mine—a world-class copper and gold deposit—within the next two quarters, according to Pakistan’s Petroleum Minister Musadik Malik.
This development reflects Saudi Arabia’s ambitious strategy to diversify its economy by investing in international assets, particularly in the mining sector.
🔍 What is Manara Minerals?
Manara Minerals is a joint venture between:
- Ma’aden: Saudi Arabia’s state-owned mining company
- Public Investment Fund (PIF): Saudi Arabia’s $925 billion sovereign wealth fund
The venture is part of Saudi Arabia’s broader plan to reduce reliance on oil and focus on global mining opportunities.
Reko Diq: A Game-Changer for Pakistan
Located in Balochistan, Reko Diq is among the largest untapped copper and gold reserves globally. The project is currently co-owned by:
- Barrick Gold (Canada)
- The Government of Pakistan
The mine is poised to become a major economic driver, offering:
✅ Significant foreign direct investment
✅ Job creation in the region
✅ Boost to Pakistan’s mining sector
🚀 Manara’s Involvement: What’s Next?
Manara Minerals’ potential investment in Reko Diq aligns with its visit to Pakistan in May, where discussions revolved around acquiring a stake in the mine. According to Minister Malik, the company may also explore opportunities in surrounding copper projects.
Key highlights from the minister’s address at the Future Minerals Forum in Riyadh:
- Major announcements regarding copper projects are imminent.
- Manara’s entry into Pakistan’s mining sector is expected to accelerate development and attract further investments.
🌍 Strategic Significance
For Saudi Arabia, this investment underscores its commitment to becoming a global mining powerhouse. For Pakistan, Manara’s involvement in Reko Diq could unlock enormous economic potential, driving growth in mining and related industries.
Final Thoughts
The collaboration between Pakistan and Saudi Arabia through Manara Minerals signals a new chapter in resource development. With Reko Diq’s vast reserves and Saudi Arabia’s financial muscle, this partnership could pave the way for a brighter economic future for both nations.
Stay tuned for more updates as this transformative project unfolds!
