Saudi Arabia’s Manara Minerals is reportedly set to acquire a 10-20% equity stake in Pakistan’s Reko Diq copper and gold project for an investment of $0.5-1 billion, according to a report by Financial Times. The potential deal involves purchasing the stake from the federal government, which co-owns the project alongside Canada’s Barrick Gold.

Petroleum Minister Musadik Malik recently confirmed that discussions with Manara Minerals are progressing, with the deal expected to be finalized within the next two quarters. He also noted that Pakistan is actively exploring additional investment opportunities with other Gulf nations to further develop its mining sector.

Talks between Pakistan and Manara Minerals began in May 2023, when executives from the Saudi fund visited the country to explore the possibility of investing in the Reko Diq project. Located in Balochistan, Reko Diq is considered one of the world’s largest undeveloped copper and gold resources and is a key component of Pakistan’s mining ambitions.

The project is being jointly developed by Barrick Gold and the federal government and has attracted significant interest from international investors due to its vast potential. If the deal with Manara Minerals is finalized, it would mark a major step forward in Pakistan’s efforts to secure foreign investment in its mining sector.