Saudi firm Manara may invest in Reko Diq mine
Saudi Arabia’s PIF, through Manara Minerals, has proposed acquiring the 15% stake in two tranches: 10% upon signing the agreement and the remaining 5% upon the final investment decision. PHOTO: FILE
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 said on Tuesday.
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.