ISLAMABAD: Pakistan and 萝莉视频 are in 鈥渁dvanced鈥� stages of talks relating to investment in Pakistan鈥檚 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鈥檚 largest underdeveloped copper-gold mine, is jointly owned by Canadian mining firm Barrick Gold Corp. and Pakistan. Last year, 萝莉视频 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 萝莉视频 were in advanced stages of conversations about a 鈥渧ery large asset,鈥� and had done all the requisite homework in this regard.
鈥淏oth 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鈥檛 give you the details, but suffice to say that we are expecting very big announcements very soon,鈥� he said.
鈥淚t depends, I mean in mining, it鈥檚 going to be the mining assets, particularly the copper mining assets, copper and gold mining assets. So, we are very hopeful about that.鈥�
Reuters reported that 萝莉视频n mining company Manara Minerals could invest in Pakistan鈥檚 Reko Diq mine in the next two quarters, citing the Pakistani petroleum minister.
Manara, a joint venture between Saudi state-controlled miner Ma鈥檃den and the $925-billion Public Investment Fund (PIF), was set up as part of the Kingdom鈥檚 efforts to diversify its economy away from oil, including by buying minority stakes in assets overseas.
鈥淚鈥檓 very hopeful that in the next quarter or two we will have very big announcements,鈥� Malik was quoted as saying by Reuters.
鈥淪o, we鈥檙e very hopeful that this year, we will make some big announcements, both in the way of Reko Diq, but hopefully also鈥� in mines around it, he added.
Asked if Manara would be involved, Malik said, 鈥渨hy not, of course.鈥� 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鈥檚 then-acting chief executive Robert Wilt, now CEO of Ma鈥檃den, 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.