ISLAMABAD: Pakistan and Saudi Arabia are in “advanced” stages of talks relating to investment in Pakistan’s 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 world’s largest underdeveloped copper-gold mine, is jointly owned by Canadian mining firm Barrick Gold Corp. and Pakistan. Last year, Saudi Arabia 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 Saudi Arabia were in advanced stages of conversations about a “very large asset,” and had done all the requisite homework in this regard.
“Both 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 can’t give you the details, but suffice to say that we are expecting very big announcements very soon,” he said.
“It depends, I mean in mining, it’s going to be the mining assets, particularly the copper mining assets, copper and gold mining assets. So, we are very hopeful about that.”
Reuters reported that Saudi Arabian mining company Manara Minerals could invest in Pakistan’s Reko Diq mine in the next two quarters, citing the Pakistani petroleum minister.
Manara, a joint venture between Saudi state-controlled miner Ma’aden and the $925-billion Public Investment Fund (PIF), was set up as part of the Kingdom’s efforts to diversify its economy away from oil, including by buying minority stakes in assets overseas.
“I’m very hopeful that in the next quarter or two we will have very big announcements,” Malik was quoted as saying by Reuters.
“So, we’re very hopeful that this year, we will make some big announcements, both in the way of Reko Diq, but hopefully also” in mines around it, he added.
Asked if Manara would be involved, Malik said, “why not, of course.” 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. Manara’s then-acting chief executive Robert Wilt, now CEO of Ma’aden, 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.

ISLAMABAD: Pakistan has ordered an inquiry into a celebratory advertisement by the state-run Pakistan International Airlines (PIA) that sparked a controversy last week, with many saying the advert revived fears of 9/11 attacks against the United States.
The Pakistani state carrier resumed its Europe operations with a flight to Paris on Jan. 10, marking the end of a four-year ban imposed by the European Union Aviation Safety Agency (EASA) over flight safety concerns. EASA, United Kingdom and United States authorities suspended permission for PIA to operate in the region in 2020 after Pakistan began investigating the validity of pilots’ licenses, following a deadly plane crash that killed 97 people.
On Jan. 10, PIA shared a promotional image on X featuring a plane that appeared to fly toward the Eiffel Tower along with a tagline, “Paris, we’re coming today.” The design drew instant comparisons online to a 1979 ad by PIA showing its Boeing 747 casting a shadow over the Twin Towers in New York. Many netizens said the chilling image revived horrors of the 9/11 attacks against the US by Al-Qaeda.

In a session of Pakistan’s upper house of parliament on Tuesday, Senator Sherry Rehman drew the House’s attention to the controversial advertisement and said it “cost the national airline its reputation,” with several Western analysts and security experts criticizing the advertisement.
“The cabinet, and the prime minister too, have ordered an inquiry into who conceived this ad,” Pakistan Deputy Prime Minister Ishaq Dar said in televised comments, in response to Rehman’s statement. “This was stupidity, to show the Eiffel Tower.”
Dar even suggested alternative ways to portray the resumption of PIA flights to Paris.
“They could have showed the aircraft above it [Eiffel Tower], and said that ‘We are coming’,” he said. “You could have flipped the front of the plane.”
The loss-making Pakistani airline now operates two weekly flights to Paris, on Fridays and Sundays, however, it remains barred from flying to the UK and the US.
PIA flies to multiple cities inside Pakistan, including the mountainous north, as well as to the Gulf and Southeast Asia. The airline, which employs 7,000 people, has long been accused of being bloated and poorly run — hobbled by unpaid bills, a poor safety record and regulatory issues.
Pakistan’s government has said it is committed to privatizing the debt-ridden airline and has been scrambling to find a buyer. Late last year, a deal fell through after a potential buyer reportedly offered a fraction of the asking price.
Officials hope the opening of European routes, which they expect will be followed by a similar announcement by the UK later this year, will boost PIA’s selling potential.