Saudi Mining Minister Bandar Alkhorayef on Wednesday said the Saudi Development Fund (SDF) might invest $100 million in Pakistan’s mining infrastructure.
The minister made the announcement during the Future Minerals Forum in Riyadh.
He further revealed that the Saudi mining company Manara Minerals is exploring investment opportunities in Pakistan’s Reko Diq mine, one of the world’s largest undeveloped copper-gold deposits.
This comes after recent comments by Petroleum Minister Musadik Malik, who expressed optimism about substantial investments from Manara Minerals within the next two quarters.
Manara Minerals is a joint venture between Saudi Arabia’s Ma’aden and the $925 billion Public Investment Fund (PIF). It has been actively pursuing global investments to diversify Saudi Arabia’s economy.
In May last year, Manara executives visited Pakistan to discuss acquiring a stake in Reko Diq which is jointly owned by Barrick Gold and the Government of Pakistan.