Saudi Arabia’s investment mining fund is set to buy a stake in Pakistan’s Reko Diq project, which will be one of the world’s largest copper mines once complete, as the kingdom accelerates its expansion into the sector.
Manara Minerals plans to buy between 10-20 per cent of the $9bn complex, which is being developed by Barrick Gold, and secure an offtake agreement for future output. Copper is vital for the clean energy transition.
The mining fund would buy the equity stake from the government of Pakistan, which owns 25 per cent of the mine, for between $500mn-$1bn, according to people close to the discussions.
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