Riyadh (TDI): Pakistan and Saudi Arabia are in the “advanced” stages of talks regarding a significant investment in Pakistan’s copper and gold mines, Petroleum Minister Musadik Malik said on Tuesday.
The negotiations are focused on Reko Diq, one of the world’s largest underdeveloped copper and gold mines, located in Balochistan.
The mine is jointly owned by Canadian firm Barrick Gold Corp. and Pakistan.
In 2024, Saudi Arabia offered to purchase a 15% stake in the project.
Speaking to the media at the Future Minerals Forum in Riyadh on Tuesday, Malik revealed that both nations have made notable progress in their discussions.
He said, “Both sides have come up with valuation frameworks, the valuation ranges are in place, and both teams are now empowered to talk.”
However, he refrained from giving further details, citing non-disclosure agreements.
The minister expressed hope that major announcements regarding the investment would be made soon.
“We are very optimistic about that,” he added, referring to the mining assets, especially copper and gold, which are at the heart of the discussions.
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Saudi Arabian mining company Manara Minerals is likely to invest in Reko Diq within the next two quarters, according to media reports.
Manara is a joint venture between Saudi state-controlled miner Ma’aden and the $925 billion Public Investment Fund, set up as part of Saudi Arabia’s efforts to diversify its economy.
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Manara’s executives visited Pakistan in May 2024, to discuss purchasing a stake in the Reko Diq mine.
