In addition to Saudi Arabia, Pakistan is also exploring potential mining investments with other Gulf countries.
Saudi Arabia is in talks to invest in Pakistan’s copper and gold mining sector, Pakistan’s Oil Minister Musaddiq Malik said. Speaking at the Future Minerals Forum in Riyadh on Tuesday, Malik reportedly expressed optimism about major announcements in the near future.
The talks will center around the Reko Dik copper and gold mine in Balochistan province. Reko Diq is one of the world’s largest untapped copper and gold reserves and is jointly owned by Canadian company Barrick Gold and Pakistan. According to reports, Saudi Arabia offered to take a 15% stake in the project last year.
Saudi Arabia’s interest is led by Manara Minerals, a joint venture between the Public Investment Fund (PIF) and Saudi mining company Maaden. This is in line with Saudi Arabia’s strategy to invest in international mining assets and diversify its economy beyond oil. Reuters reported that Manara could complete its investment in Reco Diq within the next two quarters.
Manara executives visited Pakistan last year to explore opportunities, including Reko Dik.
In addition to Saudi Arabia, Pakistan is exploring potential mining investments with other Gulf countries. Mr Malik expressed hope for further development of mining opportunities around and near Reko Diku later this year.
