Pakistan to display mining potential
Representatives from major economies and companies, including the US, UK, China, Saudi Arabia, Turkey, Denmark, Azerbaijan, Finland, and Kenya, will attend the forum, Minister for Petroleum Ali Pervaiz Malik and Oil and Gas Development Company Limited (OGDCL) MD Ahmed Hayat Lak said at a joint pre-event press conference on Monday.
"The sector's [mining] contribution to Pakistan's GDP is less than 8%, but the indicated potential is not reflected in our economy. We are moving towards corporatisation of the mining sector," the minister said.
"Minerals are a provincial matter. International stakeholders often struggle to identify the right contact point due to our six policies, eight acts, and 36 rule versions," he added.
Efforts are underway to implement a unified framework, which some provinces have approved at the cabinet level, while others have passed legislation. The framework, based on global best practices from countries like Indonesia and Australia, was drafted with help from White & Case and reviewed by Wood Mackenzie.
"We are also auctioning nearby blocks and revitalising the Geological Survey of Pakistan. Bidding is underway to encourage exploration, and we're pursuing partnerships with international firms," the minister said. The OGDCL MD said the company is fully involved in the Reko Diq project, along with Pakistan Petroleum Limited (PPL) and Government Holdings (Private) Limited (GHPL). He noted that the focus is now "Beyond Reko Diq," with new discovery announcements and agreements expected.
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