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Business Recorder
4 days ago
- Business
- Business Recorder
NJHP tunnel collapse costs Rs35bn: Nespak
ISLAMABAD: The National Engineering Services Pakistan (Nespak) on Friday revealed that one tunnel of Neelum-Jhelum Hydroelectric Project collapsed, causing physical damage of around Rs35 billion, besides over Rs100 billion losses due to non-power generation. This was revealed before the Senate Standing Committee on Cabinet Secretariat, which was chaired by Rana Mahmood ul Hassan, here on Friday. Nespak officials informed the committee a tunnel of the Neelum-Jhelum project has collapsed. Three committees have been formed to inquire into the matter, said Nespak officials, adding that physical damage of Rs35 billion occurred. Further a loss of over Rs100 billion resulted due to lack of electricity generation. The location where the tunnel is located is 5.5 km below, said the officials, adding that it was being examined that whether the fault lies with the project consultants or the geological conditions of the site. A briefing was also given by the managing director Nespak on the organisation's performance over the past three years. The committee was apprised that Nespak has successfully undertaken 4,822 projects both domestically and internationally. Of these, 595 projects were completed internationally in 40 countries, including Afghanistan, Azerbaijan, Bangladesh, Bahrain, Benin, Cameroon, Chad, Comoros Islands, Dominica, Ethiopia, Gabon, Gambia, Ghana, Guinea, Iran, Iraq, Jordan, Kazakhstan, Kyrgyzstan, Libya, Nepal, Nigeria, Oman, Qatar, Yemen, Papua New Guinea, Saudi Arabia, Senegal, Sierra Leone, Somalia, Sudan, Syria, Tajikistan, Tanzania, Thailand, Türkiye, Turkmenistan, UAE, Uganda, and Uzbekistan. Non-availability of NJHP project: Consumers overpaid Rs167.787bn for costly power NESPAK has also entered into joint ventures with renowned foreign and local firms on a project-to-project and long-term basis, which have proven beneficial to all stakeholders involved. The matter was deferred. The committee directed a list of NESPAK's ongoing projects for review in the next session. The committee also considered The Cannabis Control and Regulatory Authority (Amendment) Bill, 2025, introduced by Senator Dr Afnanullah Khan. He explained that the bill seeks to allocate one per cent of the authority's annual fund to corporate social responsibility (CSR) initiatives. These may include the establishment of rehabilitation centres for drug addicts, skill development and employment generation, poverty alleviation, and efforts to promote gender equality and empower women. It was also presented that the authority shall ensure transparency and accountability in the use of CSR funds, per the rules and regulations to be formulated under the Act. After a thorough discussion, the committee decided to defer the bill. The committee directed the Cannabis Authority to submit its recommendations on the proposed amendments after placing them before its board. The committee then took up Starred Question No 27, raised by Senator Shahadat Awan in the Senate session held on July 25, concerning the criteria adopted by the Pakistan Telecommunication Authority for enforcing roll-out obligations in the absence of a formal regulation or framework regarding right-of-way. After deliberation, the committee decided to defer the matter and invite the Ministry of Information Technology to the next meeting for a comprehensive briefing on the policy framework currently in place. The remaining agenda items were deferred due to the absence of members. The session was attended by senators, Farooq Hamid Naek, Fawzia Arshad, Dr Afnanullah Khan, and Shahadat Awan. As well as special invitees, senators, Bilal Khan Mandokhel and Sardar Al Haj Muhammad Umer Gorgaij. The committee took up key legislative and oversight matters concerning regulatory frameworks, national development initiatives, and institutional performance. Copyright Business Recorder, 2025
India.com
05-06-2025
- Business
- India.com
India's neighbor finds JACKPOT worth Rs 80000 crore! The treasure is..., US, China are interested due to...
Representational Image/AI-generated. Pakistan gold deposits: In some rare piece of good news for Pakistan, India's enemy next door has reportedly discovered huge deposits of placer gold in Attock and Mansehra districts in Punjab and Khyber Pakhtunkhwa provinces, respectively, estimated to be worth a staggering Rs 80,000 crore. As per Pakistani media reports, the state-owned National Engineering Services Pakistan (NESPAK) has reportedly discovered a huge placer gold deposit has been found on the banks of the Indus River in Attock district. Pakistani scientists have claimed the the placer gold deposit in Attock is estimated to be worth around $9.6 billion (about Rs 80,000 crore). US and China eyeing Pakistan's treasure? Meanwhile, the giant gold deposit has captured the attention of investors from all over the world, including those from China and the United States. Unconfirmed reports claim a Texas-based investor, Gentry Thomas, who is a friend of US President Donald Trump's son Donald Trump Jr, has already signed a deal in this regard with Apex Energy, a Pakistani private energy company. Under the agreement, the Pakistani and US firms will jointly conduct excavations to find gold deposits along the Indus River, according to reports. Extensive research was conducted in the Attock and Mansehra district which led to the discovery of placer gold deposits, reports said. Geologists used advanced geochemical and geophysical exploration techniques to find traces of gold deposits, while mining operations will be conducted over an area spanning 4579 square kilometers in Mansehra, and 6857 square kilometers in Attock district. Pakistan strikes gold in Gilgit Earlier this year, reports emerged that Pakistan has discovered larges reserves of gold, copper, nickel and cobalt in the Gilgit-Baltistan region. According to Pakistani media reports, at least ten mineral blocks have been discovered in Gilgit-Baltistan, where the presence of gold, copper, nickel and cobalt was confirmed during a state-funded survey. The reports further revealed that Pakistan is exploring potential mineral resources in Chiniot in Punjab province. As per a report by Pakistan-based Express Tribune, OGDCL is in talks with Punjab's Mineral Department to expedite the process. How placer gold deposits are formed? Placer gold deposits are formed when gold particles, along with other heavy minerals, are moved and sorted by natural forces like erosions and water flow, resulting in the gold being concentrated along places like riverbeds, beaches, and desert regions. This phenomenon takes millions of years, as the accumulated gold is slowly transported and deposited by water, wind, and other sources from the original source. Experts believe that the recent discoveries of gold and other rare minerals could provide a significant boost to the crumbling Pakistan economy which currently lies in tatters due to high inflation, food insecurity, and dwindling foreign exchange reserves.
Arab Times
06-03-2025
- Business
- Arab Times
Pakistan Discovers Gold Reserves in Indus River, Valued at 2.65 Billion Kuwaiti Dinars
ISLAMABAD, Mar 6: Pakistan has made a significant discovery of gold deposits in the Indus River, with estimated reserves valued at approximately 2.65 billion Kuwaiti Dinars (KWD). The find, located in the Attock district of Punjab province, was revealed during a government-commissioned survey and is being hailed as a potential game-changer for the country's mining sector. With Pakistan facing economic challenges, this discovery presents an opportunity to boost domestic gold production and reduce reliance on imports. Government Plans and Mining Prospects The exploration and future extraction of these reserves are being spearheaded by the state-owned National Engineering Services Pakistan (NESPAK) in collaboration with the Punjab Mines and Minerals Department. Zargham Eshaq Khan, Managing Director of NESPAK, confirmed that the consultancy has signed a contract for "Consultancy Services for Preparing Bidding Documents and Transaction Advisory Services for Nine (09) Placer Gold Blocks along River Indus in District Attock" (Dawn News). This marks a critical step towards formalizing commercial gold mining in the region. Geologists believe that the Indus River carries gold deposits from the Himalayas, which accumulate in Pakistan in the form of placer gold—small gold particles or nuggets that are rounded due to the river's natural movement. The Indus Valley region has historically been known for its mineral wealth, and this latest find reinforces its potential as a valuable resource hub. Pakistan's Gold Reserves and Economic Potential Pakistan has historically maintained low gold reserves compared to other South Asian nations. As per the State Bank of Pakistan, the country's official gold reserves were valued at $5.43 billion as of December 2024 (The Express Tribune). The discovery in Attock could contribute to expanding these reserves and provide a much-needed boost to the national economy. The government envisions the Attock Placer Gold Project as a step toward reducing dependence on foreign gold imports, strengthening Pakistan's mining sector, and attracting foreign and local investors to support large-scale extraction operations. If successfully managed, the project could provide economic relief at a time when the country faces a struggling economy, dwindling foreign exchange reserves, and a depreciating currency. Challenges of Illegal Mining and Government Intervention The possibility of gold deposits in the Indus River had already led to increased illegal mining activity earlier this year, particularly in the foothills near Nowshera in Khyber Pakhtunkhwa province. Reports of potential gold discoveries circulated on social media, prompting an influx of local mining contractors attempting unauthorized extraction. In response, the Punjab provincial government imposed strict restrictions to prevent illegal mining and unauthorized exploitation of resources (The News International). For Pakistan to capitalize on this discovery effectively, it will need to implement a robust regulatory framework, ensure transparency in the bidding process, and adopt modern mining technologies to maximize extraction efficiency while minimizing environmental impact. Strategic Importance and Future Prospects While the discovery is promising, its long-term economic impact will depend on how efficiently the government and private sector collaborate to develop mining infrastructure, attract investments, and ensure compliance with international mining standards. If executed successfully, Pakistan could establish itself as a key player in the regional gold mining industry. As the country moves forward with its extraction plans, the coming months will be crucial in determining whether this discovery translates into tangible economic gains or remains an untapped resource.
