Pakistan’s Petroleum Minister, Musadik Malik, has confirmed that Saudi Arabian mining giant Manara Minerals is considering a significant investment in the Reko Diq mine, one of the world’s largest untapped copper-gold reserves. Malik expressed optimism about the deal, which could see major announcements in the next quarter or two, focusing on copper-related projects.

Manara, a joint venture between the state-owned miner Ma’aden and the Public Investment Fund (PIF), is part of Saudi Arabia’s broader strategy to diversify its economy beyond oil. The potential partnership with Pakistan aims to boost the mining sector, offering substantial benefits for both countries, particularly in terms of resource development and economic growth.

The Reko Diq mine, currently managed by Barrick Gold in partnership with Pakistan, has long been a focal point for foreign investment due to its rich mineral reserves. Executives from Manara previously visited Pakistan to explore opportunities in the mine, and their interest in acquiring a stake is a promising sign for future developments in the region.

With ongoing discussions also involving other Gulf countries, the Reko Diq project is poised to become a critical asset for Pakistan’s economic future, contributing to its mining, energy, and trade sectors. The investment could also lead to improved infrastructure, job creation, and enhanced foreign relations.