ISLAMABAD: Pakistan and șÚÁÏÉçÇű are in âadvancedâ stages of talks relating to investment in Pakistanâs copper and gold mines, Pakistani Petroleum Minister Musadik Malik said on Tuesday.
Pakistan has taken steps in recent months to attract foreign investment in its mining sector. The South Asian country is home to the Reko Diq copper and gold mine that is located in its southwestern Balochistan province.
Reko Diq, one of the worldâs largest underdeveloped copper-gold mine, is jointly owned by Canadian mining firm Barrick Gold Corp. and Pakistan. Last year, șÚÁÏÉçÇű offered Pakistan a 15 percent investment stake in the project, Pakistani state media reported in September.
Speaking to Arab News on the sidelines of Future Minerals Forum (FMF) in Riyadh, Malik said Pakistan and șÚÁÏÉçÇű were in advanced stages of conversations about a âvery large asset,â and had done all the requisite homework in this regard.
âBoth sides have come up with valuation frameworks, the valuation ranges are in place, and both of the teams are empowered now to negotiate, and right now, we are under non-disclosure. So, I canât give you the details, but suffice to say that we are expecting very big announcements very soon,â he said.
âIt depends, I mean in mining, itâs going to be the mining assets, particularly the copper mining assets, copper and gold mining assets. So, we are very hopeful about that.â
Reuters reported that șÚÁÏÉçÇűn mining company Manara Minerals could invest in Pakistanâs Reko Diq mine in the next two quarters, citing the Pakistani petroleum minister.
Manara, a joint venture between Saudi state-controlled miner Maâaden and the $925-billion Public Investment Fund (PIF), was set up as part of the Kingdomâs efforts to diversify its economy away from oil, including by buying minority stakes in assets overseas.
âIâm very hopeful that in the next quarter or two we will have very big announcements,â Malik was quoted as saying by Reuters.
âSo, weâre very hopeful that this year, we will make some big announcements, both in the way of Reko Diq, but hopefully alsoâ in mines around it, he added.
Asked if Manara would be involved, Malik said, âwhy not, of course.â Reuters said Manara did not immediately respond to its emailed request for comment.
Manara executives visited Pakistan in May last year for talks about buying a stake in the Reko Diq mine. Manaraâs then-acting chief executive Robert Wilt, now CEO of Maâaden, told Reuters that a stake in Reko Diq was among several opportunities the company was evaluating.
Pakistan is also in talks with other Gulf countries about mining opportunities, Malik added.
Pakistan says in âadvancedâ talks with șÚÁÏÉçÇű for investment in copper, gold mines
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Pakistan says in âadvancedâ talks with șÚÁÏÉçÇű for investment in copper, gold mines

- șÚÁÏÉçÇű last year offered Pakistan a 15 percent investment stake in the Reko Diq copper and gold mine
- Reko Diq, one of largest copper-gold mine, is jointly owned by Canadian firm Barrick Gold Corp. and Pakistan