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Pakistan says in ‘advanced’ talks with ֱ for investment in copper, gold mines

Pakistan says in ‘advanced’ talks with ֱ for investment in copper, gold mines
Officials attend the Future Minerals Forum in Riyadh on January 14, 2025. (SPA)
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Updated 14 January 2025

Pakistan says in ‘advanced’ talks with ֱ for investment in copper, gold mines

Pakistan says in ‘advanced’ talks with ֱ for investment in copper, gold mines
  • ֱ 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

ISLAMABAD: Pakistan and ֱ 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, ֱ 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 ֱ 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 ֱn 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.


PM Sharif lauds Pakistani diaspora in UK at King Charles III’s birthday celebration

PM Sharif lauds Pakistani diaspora in UK at King Charles III’s birthday celebration
Updated 59 min 27 sec ago

PM Sharif lauds Pakistani diaspora in UK at King Charles III’s birthday celebration

PM Sharif lauds Pakistani diaspora in UK at King Charles III’s birthday celebration
  • UK-Pakistan connectivity improved this year as Britain lifted its safety ban on PIA, allowing flights to resume
  • Bilateral trade reached a record £5.5 billion in 2025, and the UK introduced eVisas for students and workers

ISLAMABAD: Prime Minister Shehbaz Sharif on Friday praised overseas Pakistanis in the United Kingdom for strengthening bilateral ties as he addressed an event at the British High Commission marking King Charles III’s 77th birthday.

Pakistan, a former British colony that gained independence in 1947, is a member of the Commonwealth and has maintained close links with the UK. The two countries witnessed improved connectivity after Britain lifted its safety ban on Pakistan International Airlines, allowing the carrier’s first flight to Manchester in five years.

The UK also introduced eVisas for students and workers, easing travel, while bilateral trade reached £5.5 billion in 2025, crossing the £5 billion mark for the first time.

British authorities also supported Pakistan’s flood recovery efforts, and the UK-Pakistan Trade Dialogue, a new institutional framework to expand economic cooperation, was launched in July.

“We ... celebrate the enduring friendship between Pakistan and United Kingdom,” the prime minister said, according to state-run Associated Press of Pakistan news agency. “About two million British citizens of Pakistani heritage add great value to this relationship and are playing a very productive role in all walks of life in the United Kingdom.”

“Thousands of young Pakistanis have also benefited from the programs run by the British Council in Pakistan while thousands more have studied in British colleges and universities,” he added.

Sharif praised King Charles for what he called an “exemplary life of public service” and said the monarch’s “infinite energy” and commitment to global causes inspired people across the Commonwealth. He recalled attending the coronation ceremony two years ago and said he received a warm telephone call from the King last September.

The prime minister thanked the UK for its condolences over recent militant attacks in Islamabad and other parts of Pakistan, calling “terrorism a grave threat to global peace and stability.”

Pakistan, he said, remained determined to confront it “in all its forms and manifestations.”

Sharif also credited British High Commissioner Jane Marriott for helping revive PIA flights to the UK amid growing cooperation.

“Now thousands of passengers fly to Manchester from Pakistan and soon there will be flights to London,” he added.

In a statement released by the high commission, Marriott said the event highlighted the diversity of the United Kingdom’s four nations — England, Scotland, Northern Ireland and Wales — and their “vital part” in the partnership with Pakistan.

The reception featured bagpipers from Pakistan’s military and a medley of British music performed by singer Maria Unera.

Sharif later joined Marriott in cutting the birthday cake. Ministers, lawmakers and guests from across public life attended the ceremony.