Saudi Arabia sets sights on Pakistan’s BIG jackpot, eyes investment in…, Crown Prince planning to…

Pakistan gold mine: Pakistan and Saudi Arabia are discussing the oil-rich kingdom’s funding in Pakistan not too long ago learned copper and gold mines which would be estimated to be price a whopping Rs 80,000 crore. In accordance with a Reuters sage, the two nations are in “evolved” stages of talks about Saudi Arabia investing within the Reko Diq copper and gold mine, located in Pakistan’s Balochistan province.

In September final 365 days, Saudi Arabia offered Pakistan a 15 p.c funding stake within the undertaking. On Tuesday, Pakistan Petroleum Minister Musadik Malik said Saudi Arabia and Pakistan enjoy been in “evolved stages” a “very colossal asset”, and your total requisite homework had been accomplished, Arab Data reported.

“Every facets enjoy reach up with valuation frameworks, the valuation ranges are in build, and both of the teams are empowered now to negotiate, and proper now, we're below non-disclosure. So, I will’t come up with the foremost points, nevertheless suffice to train that we're expecting very big announcements very quickly,” Malik used to be quoted as pronouncing on the sidelines of Future Minerals Forum (FMF) in Riyadh, Saudi Arabia.

Saudi mining firm may make investments in Pakistan’s gold mine

As per a Reuters sage, Saudi Arabian mining firm, Manara Minerals, is asking to make investments in Pakistan’s Reko Diq mine, and the funding may happen contained within the next six months. “I’m very hopeful that within the next quarter or two we are in a position to enjoy very big announcements,” Reuters quoted Malik as pronouncing.

The Pakistani minister said that Islamabad is “very hopeful that this 365 days, we are in a position to construct some big announcements, both within the strategy of Reko Diq, nevertheless optimistically additionally in mines around it”, adding that Pakistan is additionally in talks with diverse Gulf nations about mining alternatives,

Manara Minerals, a joint mission between Saudi affirm-controlled miner Ma’aden and the $925-billion Public Investment Fund (PIF), used to be space up as a part of the Kingdom’s efforts to diversify its economic system a ways from oil, including by hunting for minority stakes in resources in one other nation.

In May 2024, Manara executives visited Pakistan for talks about hunting for a stake within the Reko Diq mine, with the firm’s then acting CEO, Robert Wilt, who now heads Ma’aden, stating that acquiring a stake Reko Diq used to be among several alternatives the firm used to be evaluating

In accordance with varied experiences, the Reko Diq mine used to be first excavated in 1995, and around 200 kilograms of gold and 1,700 a ramification of copper enjoy been extracted contained within the first four months, with consultants at the time estimating that the mine doubtlessly holds around 400 million a ramification of gold, price $1 trillion.

‘World’s best’ gold mine

Reko Diq, which is jointly owned by Pakistan and Canadian mining firm Barrick Gold Corp, is no doubt among the best underdeveloped copper-gold mine within the sphere, with the doubtless to possess and estimated 200,000 a ramification of copper and 250,000 oz. of gold yearly for over 50 years, per a Bloomberg sage.

Reports repeat that when the Reko Diq mine used to be first excavated in 1995, 200 kilograms of gold and 1,700 a ramification of copper enjoy been extracted contained within the first four months alone. Experts at that time estimated that the mine may hold around 400 million a ramification of gold, valued at over $1 trillion.

Pakistan has a 50 p.c stake within the Reko Diq mine and the funding within the underdeveloped gold mine comes as a blessing for the money-strapped nation whose economic system has hit rock backside in contemporary years with its debt-to-GDP ratio surging to 42 p.c.