Mohammed bin Salman's Saudi Arabia sets sights on Pakistan's BIG jackpot, eyes investment in...

Saudi Arabia is in advanced discussions over investments in Pakistan’s copper and gold mining sector, according to Pakistan’s Petroleum Minister, Musadik Malik. Speaking at the Future Minerals Forum in Riyadh on Tuesday, Malik expressed optimism about significant announcements in the near future, according to reports.

The talks center around the Reko Diq copper and gold mine, located in Balochistan. Reko Diq, one of the largest untapped copper and gold reserves globally, is jointly owned by Canadian firm Barrick Gold and Pakistan. Last year, Saudi Arabia proposed acquiring a 15% stake in the project, according to reports.

Saudi Arabia’s interest is being spearheaded by Manara Minerals, a joint venture between the Public Investment Fund (PIF) and Saudi miner Ma’aden. This aligns with Saudi Arabia’s strategy to diversify its economy beyond oil, investing in international mining assets. Reuters reported that Manara could finalise its investment in Reko Diq within the next two quarters.

Manara executives visited Pakistan last year to explore opportunities, including Reko Diq.

In addition to Saudi Arabia, Pakistan is engaging other Gulf nations for potential mining investments. Malik expressed hope for further developments around Reko Diq and nearby mining opportunities within the year.