Saudi Minara Metals Plans Major Investment in Pakistan’s Reko Diq Mining Project

Saudi Minara Metals Plans Major Investment in Pakistan’s Reko Diq Mining Project
الذهب

Saudi Minara Metals, a leading player in the mining sector, has announced plans to acquire a stake ranging from 10% to 20% in Pakistan's Reko Diq copper and gold mining project. The value of the acquisition is expected to be between 500 million to 1 billion US dollars, according to a report by the Financial Times.

The Details of the Deal and Its Objectives

The stake acquisition will be made from the Government of Pakistan, which currently holds a 25% stake in the project, valued at approximately 9 billion US dollars. The Reko Diq mine, under development by the global mining giant Barrick Gold, is set to become one of the largest copper mines in the world. Upon completion, the mine is projected to produce 400,000 tons of copper and 500,000 ounces of gold annually, contributing significantly to global copper and gold production.

Executives from Minara Metals visited Pakistan in May of the previous year to engage in negotiations over the stake purchase. This move aligns with Minara Metals' strategic efforts to capitalize on one of the largest underutilized copper and gold reserves in the world.

About Minara Metals

Minara Metals is a joint venture between Saudi Arabia's state-owned Ma'aden company and the Saudi Public Investment Fund (PIF), which is valued at approximately 925 billion US dollars. This acquisition is part of Saudi Arabia’s broader economic diversification efforts, aiming to reduce the country’s reliance on oil and invest in strategic international assets to bolster non-oil sectors, particularly in industries such as mining and metals.

 

Also Read:

Breaking: Gold Soars to Highest Price in 10 Weeks.. and This Resistance Should Be Monitored

Gold Sends Its Warnings and Moves Towards $2700.. Will It Continue Rising to $3000?

For Traders: The Key Factors Influencing Gold, the Dollar, and Stocks This Week


large image
Upcoming Educational Courses
large image