Although no definitive agreement was announced at the Future Minerals Forum in Riyadh, comments from key figures suggest that Saudi Arabia is still in talks to invest in Barrick's Reko Diq copper project in Pakistan. The project, facing funding and security challenges, could become one of the world's largest copper mines with a potential output of 400,000 tonnes of copper and 500,000 ounces of gold annually. Saudi Arabia's Manara Minerals is reportedly considering a 10-20% stake in the $9 billion project, aiming to secure raw materials for the Kingdom's industrial growth. Both Pakistani and Saudi officials have expressed optimism about a deal within the next six months.
The Future Minerals Forum in Riyadh came and went without the long-awaited news that Saudi Arabia would finalise an investment in Barrick's Reko Diq project, but on-the-record comments from all parties suggest that a deal is still under discussion.
Manara is a joint venture between Saudi miner Ma'aden and the country's sovereign wealth fund. It has a remit to invest in foreign mining projects to secure raw materials for the Kingdom's planned industrial expansion. The proposed deal would see Manara Minerals take on 10-20% of the $9 billion project, buying out the Pakistan government, which currently owns 25% of the project.
Reko Diq Saudi Arabia Pakistan Barrick Gold Manara Minerals Copper Mining Geopolitics Investment
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