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.
Pakistan says in ‘advanced’ talks with Saudi Arabia for investment in copper, gold mines
https://arab.news/mgtqj
Pakistan says in ‘advanced’ talks with Saudi Arabia for investment in copper, gold mines
- Saudi Arabia 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 puts drivers on notice as smog crisis worsens
- Police checkpoints have issued over 300 fines and impounded 80 vehicles as Islamabad rolls out roadside emissions checks
- Transport accounts for over half of the capital’s toxic PM2.5, with air quality this month repeatedly breaching WHO safety limits
ISLAMABAD: Truck driver Muhammad Afzal was not expecting to be stopped by police, let alone fined, as he drove into Islamabad this week because of the thick diesel fumes emanating from his exhaust pipe.
“This is unfair,” he said after being told to pay 1,000 rupees ($3.60), with the threat of having his truck impounded if he did not “fix” the problem.
“I was coming from Lahore after getting my vehicle repaired. They pressed the accelerator to make it release smoke. It’s an injustice,” he told AFP.
Checkpoints set up this month are part of a crackdown by authorities to combat the city’s soaring smog levels, with winter months the worst due to atmospheric inversions that trap pollutants at ground level.
“We have already warned the owners of stern action, and we will stop their entry into the city if they don’t comply with the orders,” said Dr. Zaigham Abbas of Pakistan’s Environmental Protection Agency (EPA), as he surveyed the checkpoint at the southeast edge of the capital.
For Waleed Ahmed, a technician inspecting the vehicles at the site, “just like a human being, a vehicle has a life cycle. Those that cross it release smoke that is dangerous to human health.”
‘SELF-INFLICTED CRISIS’
While not yet at the extreme winter levels of Lahore or the megacity Karachi, where heavy industry and brick kilns spew tons of pollutants each year, Islamabad is steadily closing the gap.
So far in December it has already registered seven “very unhealthy” days for PM2.5 particulates of more than 150 micrograms per cubic meter, according to the Swiss-based monitoring firm IQAir.
Intraday PM2.5 levels in Islamabad often exceed those in Karachi and Lahore, and in 2024 the city’s average PM2.5 reading for the year was 52.3 micrograms — surpassing the 46.2 for Lahore.
Those annual readings are far beyond the safe level of five micrograms recommended by the World Health Organization.
Built from scratch as Pakistan’s capital in the 1960s, the city was envisioned as an urban model for the rapidly growing nation, with wide avenues and ample green spaces abutting the Himalayan foothills.
But the expansive layout discourages walking and public transport remains limited, meaning cars — mostly older models — are essential for residents to get around.
“The capital region is choked overwhelmingly by its transport sector,” which produces 53 percent of its toxic PM2.5 particles, the Pakistan Air Quality Initiative, a research group, said in a recent report.
“The haze over Islamabad... is not the smoke of industry, but the exhaust of a million private journeys — a self-inflicted crisis,” it said.
‘HER BASIC RIGHT’
Announcing the crackdown on December 7, EPA chief Nazia Zaib Ali said over 300 fines were issued at checkpoints in the first week, with 80 vehicles impounded.
“We cannot allow non-compliant vehicles at any cost to poison the city’s air and endanger public health,” she said in a statement.
The city has also begun setting up stations where drivers can have their emissions inspected, with those passing receiving a green sticker on their windshield.
“We were worried for Lahore, but now it’s Islamabad. And that’s all because of vehicles emitting pollution,” said Iftikhar Sarwar, 51, as he had his car checked on a busy road near an Islamabad park.
“I never needed medicine before but now I get allergies if I don’t take a tablet in the morning. The same is happening with my family,” he added.
Other residents say they worry the government’s measures will not be enough to counter the worsening winter smog.
“This is not the Islamabad I came to 20 years ago,” said Sulaman Ijaz, an anthropologist.
“I feel uneasy when I think about what I will say if my daughter asks for clean air — that is her basic right.”
