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Saudi’s Manara Minerals to buy stake in Pakistan’s Reko Diq gold project: FT reports

  • Mining fund set to buy 10-20% stake in Reko Diq
Published January 21, 2025 Updated January 21, 2025 10:06pm
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By Reuters
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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 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.

Pakistan Gulf countries RekoDiq Manara Minerals Reko Diq mine Pakistan’s Reko Diq mine Canada's Barrick Gold Pakistani Petroleum Minister Musadik Malik

Comments

Comments are closed for this article.

Ali Asghar Jan 21, 2025 11:41am
It was estimated to worth 27 billion dollars if i am not wrong, some even said it is worth over 50b$, how come 10-20% stake will earn Pakistan only 500m-1b dollars?
0
Rebirth Jan 21, 2025 11:54am
We should take whatever lump sum capital that comes our way and build refineries for both commodities. We must then produce finished goods because Saindak is an example that we just can’t repeat.
0
Tariq Qurashi Jan 21, 2025 02:39pm
Incidentally after selling these shares, how much stake will the government itself retain in this project?
0
Power Master Jan 21, 2025 03:10pm
This old news
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Saba ciga Jan 21, 2025 04:21pm
I want laptop
0
M.amin malik Jan 21, 2025 04:39pm
It was trillion usd project , half sold only in 5-8 billion usd + undisclosed local commission. remaining will be sold in 3-5 billion usd. We will be left only with labour salaries. What a great deal
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M.amin malik Jan 21, 2025 04:43pm
@Tariq Qurashi, it will be left only with labour supply for mines
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WH Jan 21, 2025 05:04pm
Why not giving on operations and maintenance agreement.
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Az_Iz Jan 21, 2025 05:56pm
This project is supposed to generate $74 billion over 37 years,or $2 billion a year.10% is $200 million a year,which will be sold for $500,for almost 40% ROI,& the $500 million will disappear quickly.
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Az_Iz Jan 21, 2025 06:02pm
10% share for $500 million,to generate $200 million a year return,based on $74 billion over 37 years,which is almost 40% return on investment.Besides,the $500 million receipt will be spent in no time
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Az_Iz Jan 21, 2025 09:20pm
Selling for peanuts.And the proceeds will also disappear in no time.Annual revenue over 37 years is a better option.
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Az_Iz Jan 21, 2025 09:22pm
The $500 million will finds its way into Dubai and London real estate.
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zh Jan 21, 2025 09:26pm
Nawaz reached the detrimental agreements with IPPS. Shehbaz is determined to outdo his elder brother by selling Reko Dic mineral interest cheap to Saudis.
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zh Jan 21, 2025 09:31pm
Multiple rulers have repeatedly promised to attract billions in investment from Saudi Arabia. However, this deal may end with Pakistan paying billions to Saudi Arabia.
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Tariq Shah Jan 23, 2025 12:31pm
Someone should stop these Sharifs from giving away the worlds best gold mine for pennies, these clowns are not smart, they have a record of bad deals.
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Tariq Shah Jan 23, 2025 12:33pm
@M.amin malik, No bro then u don't know how big this is, Barrick got 14 slots, and they r only working on 4, this thing is colossal, it goes on for thousands of sq miles, no one has ever seen this b4.
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Tariq Shah Jan 23, 2025 12:35pm
Im honestly surprised from comments here, how clueless my bros in Pak really are about this, guys this is not BS. Lets not bash the project, this is truly a game changer 1st 4 Baloch ppl, then Pak.
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