Riyadh – Sharikat Mubasher: Saudi Arabia and Pakistan are reportedly in the final stages of discussions about a substantial investment in Pakistan’s copper and gold mining sector.

Speaking at the Future Minerals Forum in Riyadh on Tuesday, Pakistani Petroleum Minister Musadik Malik highlighted the progress made so far: "Both sides have developed valuation frameworks, and negotiation teams are fully authorized to proceed”. However, the Minister declined to provide specific details due to non-disclosure agreements, as reported by Reuters.

The negotiations center around Reko Diq, a massive undeveloped copper and gold reserve in Balochistan province, co-owned by Canadian mining giant Barrick Gold Corp. and the Pakistani government. Last year, Saudi Arabia expressed interest in acquiring a 15% stake in the project.

Reports from Reuters suggest that Manara Minerals, a Saudi mining company, is likely to invest in Reko Diq within the next two quarters. Manara Minerals, a joint venture between Saudi Arabia’s state-owned Ma’aden and the $925 billion Public Investment Fund (PIF), was formed as part of Saudi Arabia’s broader strategy to diversify its economy.

Manara Minerals’ leadership visited Pakistan in May 2024 to explore the possibility of acquiring a stake in Reko Diq. While the company has not yet responded to inquiries, the ongoing discussions represent a pivotal step in diversifying investment in Pakistan's mining industry.