Saudi Arabia Eyes Investment in Pakistan’s Reko Diq Mine
Saudi Arabia’s Mining Minister Bandar Alkhorayef confirmed that Manara Minerals, a Saudi mining company, is exploring investments in Pakistan’s Reko Diq mine, one of the largest untapped copper and gold deposits in the world. The announcement came during the Future Minerals Forum in Riyadh.
Key Highlights
- Saudi Development Fund (SDF) could contribute over $100 million to develop mining infrastructure in Pakistan.
- Alkhorayef emphasized that infrastructure is critical to making the investment economically viable, and financing discussions through SDF are underway.
- Manara Minerals, a joint venture between Ma’aden (state-controlled miner) and the Public Investment Fund (PIF), aims to diversify Saudi Arabia’s economy by acquiring stakes in international mining ventures.
Ongoing Discussions and Future Investments
- Manara executives visited Pakistan in May 2024 to discuss acquiring a stake in the Reko Diq project.
- Pakistan’s Petroleum Minister Musadik Malik expressed optimism, stating that major copper-related announcements are expected within the next two quarters.
- Malik hinted at both Reko Diq investments and potential projects in surrounding mining regions.
Reko Diq Overview
- Jointly owned by Barrick Gold and the Government of Pakistan, Reko Diq is considered one of the most promising copper-gold mining projects globally.
- The area has an estimated 5.9 billion tonnes of ore, making it a strategic investment for nations seeking to secure access to critical minerals.
Saudi Interest in Lithium Extraction
In a related development, Aramco, in partnership with King Abdullah University for Science and Technology (KAUST) and Ma’aden, is working on a lithium extraction project. Although promising, the technology is still in its pilot phase and not yet commercially viable. Lithium, essential for electric vehicles and electronic devices, represents Saudi Arabia’s broader push into sustainable mineral development.
Implications for Pakistan
Saudi Arabia’s investment would bolster Pakistan’s mining sector, creating infrastructure and economic opportunities. The partnership aligns with both countries’ visions for economic diversification and strategic resource development.
