Saudi Arabian mining fund Manara Minerals is set to buy a 10%-20% stake in the Reko Diq copper and gold project in Pakistan for proceeds of about $500 million to $1 billion, according to the Financial Times.
Manara Minerals would purchase the equity stake from the government of Pakistan in the project, which is being co-developed by Canada’s Barrick Gold.
According to the British news outlet, Saudi Arabia ranks among the largest external creditors of Pakistan, providing significant support through loan rollovers, central bank deposits, and oil facilities to manage the country’s $9.2 billion debt. Government officials have been seeking Saudi investments in recent months as the kingdom’s willingness to financially support the country appears to be diminishing.
