Saudi Mining Minister Bandar Alkhorayef announced on Wednesday that Saudi mining company Manara Minerals is exploring investment opportunities in the Reko Diq mine in Balochistan, Pakistan. He revealed that the Saudi Development Fund might contribute over $100 million to enhance Pakistan’s mining infrastructure.
Alkhorayef emphasized that developing infrastructure is crucial for making the project financially viable, stating that the Saudi Development Fund is considering ways to help fund this infrastructure.
Manara Minerals, a joint venture between Saudi Arabia’s state-owned Ma’aden and the $925 billion Public Investment Fund (PIF), was established to diversify the kingdom’s economy away from oil by acquiring minority stakes in global assets. Executives from Manara visited Pakistan in May 2024 to discuss purchasing a stake in Reko Diq, one of the world’s largest undeveloped copper and gold reserves. Barrick Gold, in partnership with Pakistan, currently owns the project.
In a separate development, Alkhorayef mentioned that Saudi state oil giant Aramco’s lithium extraction project is promising but still not commercially viable. Aramco is collaborating with King Abdullah University for Science and Technology (KAUST) on this pilot project. Lithium Infinity, a KAUST-founded startup, is leading the extraction with support from Aramco and Saudi mining company Ma’aden.
Lithium is crucial for producing batteries for electric vehicles, laptops, and smartphones. Reports have also indicated that Saudi Arabia and the UAE’s national oil companies are exploring lithium extraction from oil runoffs.
Additionally, Aramco and Ma’aden signed a non-binding agreement to potentially create a joint venture focused on minerals exploration in Saudi Arabia. This venture would aim to extract lithium and develop cost-effective direct lithium extraction (DLE) technologies, with the possibility of commercial lithium production by 2027.
