Saudi Arabian mining fund Manara Minerals is set to buy a 10%-20% in the Reko Diq copper and gold project in Pakistan for proceeds of about $500 million to $1 billion, the Financial Times reported on Tuesday.
Pakistan’s Reko Diq mine to generate $74bn in free cash flow over 37 years, Barrick CEO says
Manara Minerals would buy the equity stake from the government of Pakistan in the project, which is being co-developed by Canada’s Barrick Gold, the FT said, citing sources.
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 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.
Manara’s then-acting chief executive Robert Wilt, now CEO of Ma’aden, told Reuters that a stake in Reko Diq was among several opportunities the company was evaluating.
Pakistan is also in talks with other Gulf countries about mining opportunities, Malik said.
