{"id":93582,"date":"2025-01-21T00:00:00","date_gmt":"2025-01-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/01\/21\/manaras-reko-diq-stake-sale-talks-turn-to-processing-location\/"},"modified":"2025-01-21T00:00:00","modified_gmt":"2025-01-21T00:00:00","slug":"manaras-reko-diq-stake-sale-talks-turn-to-processing-location","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/01\/21\/manaras-reko-diq-stake-sale-talks-turn-to-processing-location\/","title":{"rendered":"Manara\u2019s Reko Diq stake sale talks turn to processing location"},"content":{"rendered":"

Processing location emerges as a key sticking point in talks for Manara\u2019s<\/strong> Reko Diq <\/strong>acquisition<\/strong>: <\/strong>Ongoing negotiations for PIF-backed Manara Minerals\u2019 15% stake acquisition in Pakistan\u2019s Reko Diq copper and gold mining project have shifted to where the extracted metals will be processed, with Pakistan maneuvering to retain some downstream activities in-country, Pakistan\u2019s Energy Minister Musadik Malik tells Bloomberg<\/a>. Other bidders are also being considered for the sale that is expected to be finalized within the next five months, Malik said. <\/p>\n

Background: <\/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. <\/strong>Manara Minerals \u2014 a JV between the Public Investment Fund and Ma\u2019aden \u2014 has been working to acquire a 15% stake in the Reko Diq project since August<\/a>, with reports at the time suggesting that the offer could be worth USD 1 bn. <\/p>\n

Where (we thought) things currently stand: <\/strong>Malik told Reuters<\/a> last week that Manara could finalize its investment in Reko Diq within the next two quarters, adding that financial, commercial, and legal due diligence had been completed and that both parties had agreed to a valuation framework, clearing the way for pricing negotiations. <\/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. The estimated total project cost is between USD 6-6.5 bn, requiring USD 3-3.5 bn in debt financing. The copper-gold mine is expected to generate some USD 74 bn in freecash flows over the next 37 years when accounting for long-term price projections, Reuters<\/a> said citing media statements by joint project owner Barrick Gold CEO Mark Bristow.<\/p>\n","protected":false},"excerpt":{"rendered":"

The project is expected to generate USD 74 bn in free cash flow over the next 37 years, Barrick Gold CEO Mark Bristow says<\/p>\n","protected":false},"author":1,"featured_media":93583,"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":[10,2175,50,2422,1777],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-93582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mining","tag-enterpriseam-ksa","tag-manara-minerals","tag-mining","tag-reko-diq","tag-saudi-pakistan-relations","wpautop","entry"],"acf":{"mongo_id":"58de45d5-4039-4586-81e8-1a065d98261d","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/1\/1382.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Manara\u2019s Reko Diq stake sale talks turn to processing location as Pakistan pushes for more downstream activities in-country","related_issue":[93572],"teaser":"The project is expected to generate USD 74 bn in free cash flow over the next 37 years, Barrick Gold CEO Mark Bristow says","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/1\/.ee4be4d5-cdec-4d09-94c4-53873dbc7daf.mp3"},"yoast_head":"\nManara\u2019s Reko Diq stake sale talks turn to processing location - 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