Saudi firm Manara may invest in Reko Diq mine: Musadik Malik

RIYADH: Saudi Arabian mining company Manara Minerals could invest in Pakistan’s Reko Diq mine in the next two quarters, Pakistan’s Petroleum Minister Musadik Malik has said.

Manara, a joint venture between state-controlled miner Ma’aden and the $925-billion Public Investment Fund (PIF), was set up as part of the kingdom’s efforts to diversify its economy away from oil, including by buying minority stakes in assets overseas.

“I’m very hopeful that in the next quarter or two we will have very big announcements,” Malik said on the sidelines of the Future Minerals Forum in Riyadh, adding they would be copper-related.

“So, we’re very hopeful that this year, we will make some big announcements, both in the way of Reko Diq, but hopefully also” in mines around it, he added. Asked if Manara would be involved, Malik said, “why not, of course.”

Executives from Manara visited Pakistan in May last year for talks about buying a stake in the Reko Diq mine, considered one of the world’s largest underdeveloped copper-gold areas by global mining company Barrick Gold, which owns the project jointly with Pakistan.

Manara’s then-acting chief executive Robert Wilt, now CEO of Ma’aden, told Reuters that a stake in Reko Diq was among several opportunities the company was evaluating.

Pakistan is also in talks with other Gulf countries about mining opportunities, Malik said