Saudi Investment Boosts Pakistan’s Mining Prospects
Key Takeaways:
i) The Reko Diq project is one of the world’s largest undeveloped copper-gold mines, with the potential to significantly boost Pakistan’s economy.
ii) Saudi Arabia, through Manara Minerals, is investing in the project, signaling strong international confidence.
iii) The mine is expected to generate thousands of jobs and contribute to local and regional development in Balochistan.
Islamabad, Pakistan – April 13, 2025 – The Reko Diq gold and copper mine in Balochistan is poised to become a major economic catalyst for Pakistan, attracting significant international investment and expertise.
The Reko Diq project, located in the Chagai district of Balochistan, has achieved a major milestone with the approval of its updated feasibility study and conditional phase one development capital. This paves the way for the mine to become one of the world’s largest and lowest-cost copper-gold operations.
The mine is a joint venture between Barrick Gold (50%), the Pakistan Government (25%), and the Government of Balochistan (25%). Saudi Arabian mining fund Manara Minerals is set to acquire a 10–20% stake, demonstrating strong international interest in the project. This investment highlights Saudi Arabia’s strategic vision to diversify its economic portfolio and secure vital resources.
The first phase of the project hinges on securing $3 billion in project financing, with production targeted to begin by the end of 2028. Reko Diq is estimated to hold substantial copper and gold reserves and will feature two open-pit mines and a processing plant. Several mining services and equipment providers have already secured contracts. The mine is projected to have a life of at least 38 years and is expected to generate significant free cash flow.
Barrick Gold anticipates that the construction phase will employ approximately 7,500 people, with 4,000 long-term jobs created during production. The project is expected to have a transformative impact on Balochistan, creating jobs and stimulating local and regional development projects. The Reko Diq project signifies a journey towards economic revival for Pakistan, with the potential to generate jobs and uplift communities for the long term.
Barrick Gold anticipates that the construction phase will employ approximately 7,500 people, with 4,000 long-term jobs created during production.
The Reko Diq area is part of the Tethyan Magmatic Arc, known for its large copper-gold deposits. The project is expected to employ advanced mining and processing techniques, ensuring responsible and sustainable operations.
