Pakistan and Saudi Arabia have discussed potential investment in minerals and mining as the countries seek to expand bilateral commercial ties.
Pakistan Finance Minister Muhammad Aurangzeb met Saudi Ambassador Rajeh Tami Albugamy in Islamabad on 29 October to discuss trade, investment, and broader economic cooperation.
The meeting covered opportunities in agriculture, minerals, mining, and other sectors, according to a Pakistani Government statement.
However, neither side announced a specific mining project, investment amount, timetable, or binding commitment.
The discussion follows talks between the countries’ mining ministers at the Future Minerals Forum in January. Those talks covered potential joint investments, technical cooperation, and collaboration between the Geological Survey of Pakistan and Saudi Geological Survey.
Saudi interest in Pakistan’s mining sector has previously included the Reko Diq Copper-Gold Project in Balochistan. Saudi-backed Manara Minerals has considered acquiring a minority interest in the development, although no transaction has been confirmed.
Reko Diq is owned 50% by Barrick Mining (NYSE:B), with Pakistani federal and provincial entities holding the remaining interest.
Barrick is reviewing the project’s development timetable, capital budget, and security arrangements after increased security risks in Balochistan. The company expects that review to continue until mid-2027.
The latest Pakistani Government statement does not indicate whether Reko Diq or Manara’s earlier interest was discussed at the October meeting.
Write to France Pinzon at Mining.com.au
Main image: Ministry of Information and Broadcasting, Government of Pakistan
