PIF-backed Manara Minerals may pull the trigger on its investment in Pakistan’s Reko Diq mine within the next two quarters, Reuters quotes Pakistani Petroleum Minister Musadik Malik as saying on the sidelines of the ongoing Future Minerals Forum (FMF). Malik is also hopeful concerning significant copper-related announcements this year which may involve further investments by Manara at Reko Diq and surrounding mines.

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REMEMBER: Saudi reportedly secured approval from Pakistan’s cabinet to acquire a 15% stake in the Reko Diq copper-gold mining project for USD 540 mn last month, according to unconfirmed Pakistani media reports. Manara Minerals — a JV between the Public Investment Fund and Ma’aden — submitted an offer to acquire the stake in August, with reports at the time suggesting that the offer could be worth USD 1 bn.

Where things currently stand: Financial, commercial, and legal due diligence have been completed and both parties have agreed to valuation frameworks, clearing the way for pricing negotiations, Arab News quotes Malik as saying. “We have done all the homework that was needed,” the minister said.

Why it matters: Reko Diq — one of the world’s largest copper-gold mines — is largely undeveloped. The mine is 50% owned by Barrick Gold, 25% by Pakistan’s federal government, and 25% by Pakistan’s Balochistan province. Production is expected to kick off 2028, with the estimated total project cost is between USD 6-6.5 bn, requiring USD 3-3.5 bn in debt financing.

ALSO FROM FMF’s OPENING DAY-

Congo looks to Saudi investors to diversify mining partnerships: The Democratic Republic of Congo, the world’s largest cobalt supplier, is seeking Saudi investment to reduce dependence on Chinese miners which currently dominate the sector, Reuters reports citing statements from a senior Congolese gov’t official at the Riyadh-based mining conference.

AND- A UK delegation looks to seal a mining pact with Saudi at the conference: The UK government plans on sealing a critical minerals partnership with the Kingdom at FMF, Reuters reports citing statements by the British government. British Industry Minister Sarah Jones will represent Britain at the agreement’s signing, as she leads a trade mission to Saudi. Some 16 British mining players will be part of the mission, including Cornish Lithium and Beowulf Mining, among others looking to tap the Saudi critical minerals market.

What’s at stake: With an estimated USD 2.5 tn in untapped mineral resources, the Kingdom is looking to attract FDI and position itself as a global hub for the critical minerals trade and supply chain. Meanwhile, the UK is looking to secure a long-term supply of critical minerals such as copper, lithium and nickel which are essential for on the rise industries such as EVs and AI.

FROM FMF’s MINISTERIAL ROUNDTABLE-

The Industry and Mineral Resources Ministry agreed with Djibouti, Jordan, the UK, Zambia, Austria, and France to work on developing the local mining sector, SPA reports. The agreements were signed during ministerial meetings at FMF, with discussions centered on sustainable development, capacity building, and the role of mining in driving global economic and social progress.

DATA POINT- The global minerals sector requires USD 6 tn in investment over the next decade, Industry Minister Bandar Alkhorayef said during the opening of the roundtable, stressing the need for international collaboration to meet rising demand, according to Aleqtisadiah.

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