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
Pakistan’s Punjab to hold Basant kite festival from Feb. 6-8 after 25-year ban
- Province to start safety antenna installation campaign on all motorbikes from tomorrow
- Basant ban began in the mid-2000s after fatal incidents involving metal-coated kite strings
ISLAMABAD: Pakistan’s most populous Punjab province will hold the iconic spring kite-flying Basant festival from Feb. 6-8 next year after the provincial government lifted its long-running 25-year ban earlier this month, a senior minister said on Wednesday.
The ban due to fatal kite-string accidents was lifted after the provincial administration passed the Punjab Kite Flying Ordinance 2025, marking a cautious comeback for a festival that once symbolized the arrival of spring in the region.
Basant, one of Punjab’s most celebrated cultural festivals, used to draw thousands to rooftops across Lahore and other cities. However, from 2005 onward, it was repeatedly banned after dozens of people were killed or injured by dangerous metal and chemically coated kite strings that could slash motorcyclists and pedestrians, many of them children.
Courts and provincial administrations upheld these prohibitions for years, making the revival of Basant one of Punjab’s most politically sensitive cultural decisions.
“[Chief Minister] Punjab Maryam Nawaz Sharif has approved the revival of our beloved Heritage Basant Festival on February 6th, 7th and 8th celebrated across Lahore after 25 years, a tradition rooted in history and admired worldwide,” Punjab Senior Minister Marriyum Aurangzeb said in a post on X.
“The Basant Ordinance 2025 will be fully enforced and implemented. Every kite string and seller registered, QR coded and monitored. Basant belongs to the people, its success is our collective responsibility.”
Aurangzeb added that a citywide campaign to install safety antennas on all motorbikes will begin tomorrow.
“Every motorbike in Lahore will have Antenna for safety before and during Basant Inshallah,” Aurangzeb added. “Safety is CM Punjab’s priority. Let every kite soar and every ride be safe together, we’ll make Lahore happy historic and secure!“
Under new regulations, the government has made it mandatory for anyone making or selling kites to register. Each kite must carry a QR code linking to the seller’s identity.
The rules also prohibit children under the age of 18 from flying kites, making their guardians responsible for any violations. Fines for minors are set at Rs 50,000 ($179) for a first offense and Rs 100,000 ($358) for a second offense. Kite flying will only be allowed with formal authorization.
In Punjab, kite flying will require permission from the deputy commissioners, and kites may only be purchased from registered vendors.
The ordinance introduces strict penalties for adults as well, including three to five years in prison and a fine of Rs 2 million ($7,160) for violations.
The government has said the new regulatory framework was intended to revive the Basant festival in a controlled and safe manner, balancing public enthusiasm for the celebration with longstanding concerns over fatal injuries caused by unsafe kite strings.
Officials say that the ordinance also aims to formalize the small but extensive economy surrounding Basant, which includes kite manufacturing, string production, dyes, paper supply, bamboo cutting, wholesalers and thousands of seasonal vendors.
For decades, this value chain has operated informally, with no licensing, safety regulations, or tax registration, generating minimal direct revenue for the provincial government.
By bringing manufacturers and sellers into a documented system through mandatory registration and QR-coded products, officials argue that the government can expand its tax base, ensure safer production standards and create more predictable business opportunities for cottage-industry workshops that rely on the Basant season for income.
