Saudi group wants to by stake in Pakistan’s Reko Diq project: report

A Saudi Arabian mining group Manara Minerals is set to buy a 10%-20% in the Reko Diq copper and gold project in Pakistan.

According to a report published in Financial Times, the deal is expected to cost about $500 million to $1 billion.

The company would directly buy stake from the government of Pakistan.

The project is currently co-developed by Canada’s Barrick Gold.

Government officials have been seeking Saudi investments in recent months, as the kingdom’s willingness to financially support the country appears to be diminishing, it added.

Last week, Pakistani Petroleum Minister Musadik Malik said Manara Minerals could invest in the Reko Diq mine in the next two quarters.

Executives from Manara already 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 cooper-gold areas by global mining company Barrick Gold, which owns the project jointly with Pakistan.