{"id":93401,"date":"2025-01-15T00:00:00","date_gmt":"2025-01-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/01\/15\/news-on-reko-diq-and-more-from-fmf\/"},"modified":"2025-01-15T00:00:00","modified_gmt":"2025-01-15T00:00:00","slug":"news-on-reko-diq-and-more-from-fmf","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/01\/15\/news-on-reko-diq-and-more-from-fmf\/","title":{"rendered":"News on Reko Diq and more from FMF"},"content":{"rendered":"

PIF-backed <\/strong>Manara Minerals<\/a><\/strong> may pull the trigger on its investment in <\/strong>Pakistan\u2019s Reko Diq mine within the next two quarters<\/strong>, Reuters<\/a> quotes Pakistani Petroleum Minister Musadik Malik as saying on the sidelines of the ongoing Future Minerals Forum<\/a> (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.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

REMEMBER: <\/strong>Saudi reportedly secured approval from Pakistan\u2019s cabinet to acquire a 15% stake in the Reko Diq copper-gold mining project for USD 540 mn last month<\/a>, according to unconfirmed Pakistani media reports. Manara Minerals \u2014 a JV between the Public Investment Fund and Ma\u2019aden \u2014 submitted an offer to acquire the stake in August<\/a>, with reports at the time suggesting that the offer could be worth USD 1 bn.<\/p>\n

Where things currently stand: <\/strong>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<\/a> quotes Malik as saying. \u201cWe have done all the homework that was needed,\u201d the minister said.<\/p>\n

Why it matters: <\/strong>Reko Diq \u2014 one of the world\u2019s largest copper-gold mines \u2014 is largely undeveloped. The mine is 50% owned by Barrick Gold, 25% by Pakistan's federal government, and 25% by Pakistan\u2019s 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.<\/p>\n

ALSO FROM FMF\u2019s OPENING DAY-<\/p>\n

Congo looks to Saudi investors to diversify mining partnerships: <\/strong>The Democratic Republic of Congo, the world\u2019s largest cobalt supplier, is seeking Saudi investment to reduce dependence on Chinese miners which currently dominate the sector, Reuters<\/a> reports citing statements from a senior Congolese gov\u2019t official at the Riyadh-based mining conference. <\/p>\n

AND- A UK delegation looks to seal a mining pact with Saudi at the conference:<\/strong> The UK government plans on sealing a critical minerals partnership with the Kingdom at FMF, Reuters<\/a> reports citing statements by the British government. British Industry Minister Sarah Jones will represent Britain at the agreement\u2019s signing, as she leads a trade mission to Saudi. Some 16 British mining players will be part of the mission, including Cornish Lithium<\/a> and Beowulf Mining<\/a>, among others looking to tap the Saudi critical minerals market. <\/p>\n

What\u2019s at stake: <\/strong>With an estimated USD 2.5 tn in untapped mineral resources<\/a><\/a>, 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. <\/p>\n

\n

FROM FMF\u2019s MINISTERIAL ROUNDTABLE- <\/p>\n

The Industry and Mineral Resources Ministry agreed with Djibouti, Jordan, the UK,<\/strong> Zambia, Austria, and France to work on developing the local mining sector<\/strong>, SPA<\/a> 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.<\/p>\n

DATA POINT-<\/strong> 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<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

Congo wants Saudi investors to move into its mining sector to shake-off a dependency on China<\/p>\n","protected":false},"author":1,"featured_media":93402,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2546],"tags":[10,2543,2175,50],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-93401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mining","tag-enterpriseam-ksa","tag-future-minerals-forum","tag-manara-minerals","tag-mining","wpautop","entry"],"acf":{"mongo_id":"6db3c561-ad78-4064-8e49-1c391fb54fd8","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/1\/897.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Updates on Manara\u2019s Reko Diq acquisition and other news from FMF","related_issue":[93391],"teaser":"Congo wants Saudi investors to move into its mining sector to shake-off a dependency on China","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/1\/.81fb3349-8e03-4fdc-8893-6216791ba8c1.mp3"},"yoast_head":"\nNews on Reko Diq and more from FMF - 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