Latest news with #NationalMineralsHarmonisationFramework2025
Express Tribune
09-04-2025
- Business
- Express Tribune
Pakistan bets on minerals for revival!
The writer is a public policy analyst based in Lahore. She can be reached at durdananajam1@ Listen to article New doors of opportunity have been thrown open for local and foreign investors in Pakistan's largely untapped mineral wealth — estimated to be worth trillions of dollars — at the Pakistan Minerals Investment Forum 2025 (PMIF25). Held at the Jinnah Convention Centre in Islamabad, this two-day summit has drawn over 2,000 participants, including more than 300 delegates from countries such as China, Saudi Arabia, the US, the UK and Finland. The objective has been to showcase Pakistan's mineral potential and position the country as a key player in the global mining supply chain. The event was organised jointly by the Government of Pakistan, the Oil and Gas Development Company Limited (OGDCL) and international stakeholders. The rationale behind launching PMIF25 is rooted in Pakistan's urgent need to diversify its economy, attract foreign direct investment and reduce dependence on multilateral lenders like the IMF. A notable shift in government policy is the emphasis on exporting semi-finished and finished mineral products rather than shipping raw materials abroad. This pivot not only promises higher returns but also supports job creation and skill development at home. Deputy Prime Minister Ishaq Dar echoed similar optimism, launching the National Minerals Harmonisation Framework 2025, an integrated reform initiative designed to align policies across federal and provincial levels. He described Pakistan as "strategically positioned to emerge as a global mining powerhouse" due to its rich geological landscape, including world-class deposits such as Reko Diq and untapped reserves of rare earth elements and gemstones. Central to this new planning is Balochistan, a province long known for its resource wealth but equally burdened by neglect and instability. Reko Diq, located in the Chagai district, is among the largest undeveloped copper-gold projects in the world. Saudi Arabia's Manara Minerals has expressed interest in investing in the project, having already visited Pakistan last year for exploratory talks. Commerce Minister Jam Kamal, during a panel discussion, pointed out that Balochistan could spearhead Pakistan's transformation in the mineral sector - provided that security concerns and regulatory bottlenecks are effectively addressed. His comments underscore a crucial reality: that the success of this initiative hinges as much on governance and infrastructure as it does on geology. There is no doubt that PMIF25 has generated substantial interest. The presence of high-level international delegations, including Eric Meyer from the US State Department and Saudi Arabia's Vice Minister for Minerals, signals potential for long-term partnerships. Equally noteworthy is the government's proposal that any investment agreement should include technology transfer provisions. This would ensure that Pakistan not only benefits from mineral wealth in the short term but also builds local capacity in extraction, processing, and equipment manufacturing. Skill development also emerged as a recurring theme, with calls for vocational training centres that would equip Pakistan's youth with technical expertise required for modern mining and processing. While the promises are bold, the assumption that PMIF25 alone could help Pakistan eliminate its dependence on the IMF appears overly optimistic. The mineral sector currently contributes only about 3.2% to Pakistan's GDP. Transforming it into a cornerstone of economic self-reliance will take more than just declarations and summits. The real challenge lies in Pakistan's business environment. Investors frequently cite regulatory unpredictability, delayed approvals, security risks - particularly in resource-rich regions like Balochistan - and an over-complicated tax regime as key deterrents. Moreover, despite the creation of high-profile platforms like CPEC and SIFC, Pakistan has repeatedly found itself returning to the IMF's doorstep. These institutions, while designed to attract investment and streamline decision-making, have not delivered the kind of economic transformation initially envisioned. The disconnect between grand announcements and ground realities must be addressed for PMIF25 to succeed where past initiatives have faltered. If Pakistan genuinely seeks to unlock its mineral potential, it must go beyond forums and frameworks. First, there needs to be political consistency and regulatory stability across provinces. Second, security in mineral-rich zones must be prioritised without alienating local communities. Third, transparency in licensing, environmental compliance and profit-sharing is essential to gain investor confidence and ensure equitable development. The government must also address the broader economic context in which mining firms operate — high inflation, currency volatility and energy shortages remain major hurdles. Without fixing these foundational issues, no amount of mineral wealth will translate into national prosperity. Pakistan's mineral resources are vast, and the potential is real. PMIF25 is a step in the right direction — especially in its emphasis on value-added exports, skill development and international cooperation. But turning this potential into economic resilience requires more than announcements. It demands sustained reform, efficient governance and a commitment to long-term policy implementation. The mineral sector can be a game-changer, but only if Pakistan creates a conducive environment where business thrives, risks are manageable and benefits are widely shared. The world is watching. It's time to deliver. Despite the event's significance, it has not been without criticism, including from segments of the Pakistani diaspora. Some voices abroad have questioned the government's motives and capacity even before the project takes off. While constructive criticism is a democratic right, one wonders if the reflexive scepticism from certain quarters — living in comfort and security overseas — may unintentionally echo the narratives of Pakistan's detractors. It raises the unsettling question: are some critics more invested in Pakistan's failure than its success? In the final analysis, the Pakistan Minerals Investment Forum offers an opportunity to shift gears and diversify the economy. But whether this becomes a landmark success or another unfulfilled promise will depend not just on the size of the rocks under our soil, but on the strength of the institutions above it.
Express Tribune
08-04-2025
- Business
- Express Tribune
Pakistan launches minerals investment forum in Islamabad
Listen to article The Pakistan Mineral Investment Forum 2025 (PMIF25) opened in Islamabad on Tuesday with a high-level pledge to unlock the country's vast mineral wealth and position it as a globally competitive mining hub. The two-day forum aims to attract foreign direct investment and forge long-term partnerships by highlighting Pakistan's mineral potential. More than 2,000 participants were in attendance, including 300 international delegates from the United States, China, Saudi Arabia, the United Kingdom, Finland, Denmark, and Kenya. In his opening remarks, Deputy Prime Minister Ishaq Dar said the country was 'strategically positioned to emerge as a global mining powerhouse,' citing its rich geological landscape and underutilised mineral resources. He said Pakistan was home to major deposits such as Reko Diq, as well as vast reserves of rare earth elements, industrial minerals, and globally sought-after gemstones like peridot and emerald. Dar launched the National Minerals Harmonisation Framework 2025 at the event—an integrated reform initiative designed to attract investors and streamline policy in a sector that currently contributes just 3.2% to the national GDP. 'The mineral sector can redefine our economy, supply chains, and export profile,' Dar said. 'We are laying the foundation of a robust ecosystem for stakeholders, including local and foreign partners.' The forum, jointly supported by federal and provincial governments, also saw attendance from Prime Minister Shehbaz Sharif and Chief of Army Staff General Asim Munir—reflecting strong institutional support behind the reforms. In a show of international interest, the United States was represented by Eric Meyer, Senior Bureau Official at the Bureau of South and Central Asian Affairs, while Saudi Arabia's Vice Minister for Minerals expressed readiness to explore strategic cooperation. Federal Minister for Power Ali Pervaiz Malik underscored the government's consistent efforts to stabilise the economy and said legal and administrative frameworks were being harmonised to improve ease of doing business. He noted that mining remains a provincial subject, but coordination with all provinces was underway to ensure alignment of goals and transparency in operations. 'Through institutions like the Special Investment Facilitation Council (SIFC), the Petroleum Division, and the Board of Investment, we are working in unison to bring a pro-investor environment,' Malik said. He stressed that Balochistan, in particular, held immense untapped mineral wealth, adding that special focus was being given to the province's development in this regard. Minister for Commerce Jam Kamal, speaking during a panel session, said Pakistan's mineral potential could attract both regional and global attention if security and regulatory concerns were addressed. 'Balochistan can lead the way in this transformation,' he said. 'Our resource base is substantial, and we're ready to provide the necessary facilitation for investment.' Kamal described investment in minerals as a long-term commitment, urging foreign companies to explore joint ventures and public-private collaborations that extend beyond extraction. Saudi Arabia's delegation echoed this view, with the kingdom's Vice Minister stating that Riyadh was actively assessing partnership opportunities in Pakistan's minerals value chain. Throughout the forum, several agreements and memorandums of understanding (MoUs) are expected to be signed, marking what the organisers hope will be a turning point in the country's mineral development strategy. The event will conclude on April 9 with sectoral briefings, technical workshops, and policy panels aimed at identifying priority projects and clearing regulatory hurdles for incoming investment. For a country seeking new engines of economic growth, the mineral sector is being seen as a major opportunity to drive exports, generate jobs, and ensure long-term fiscal stability.
Express Tribune
02-04-2025
- Business
- Express Tribune
Minerals policy to be unveiled at PMIF25
The government is set to unveil its National Minerals Harmonisation Framework 2025 at the Pakistan Minerals Investment Forum 2025 (PMIF25), scheduled for April 8-9. The framework aims to streamline mining regulations across provinces, ensuring a structured and investor-friendly mineral policy to attract both domestic and foreign investments said a news release. The federal government, in collaboration with provinces, Azad Jammu and Kashmir (AJK), and Gilgit-Baltistan (GB), has devised the framework to create a uniform regulatory structure. It focuses on safety, environmental sustainability, and efficient resource extraction while fostering strategic international partnerships in the mining sector. The framework has been developed through extensive consultation with key stakeholders to ensure inclusivity and effectiveness. Provincial governments have played an active role in the process. Briefings have been provided to chief secretaries and chief ministers to keep them informed and involved in decision-making. Their input has been essential in shaping the framework to align with regional needs and priorities.
Express Tribune
12-03-2025
- Business
- Express Tribune
Reko Diq mine set to start production by 2028
Pakistan has already chalked out a $1.9 billion funding plan to execute the Reko Diq copper and gold mining project. Total project funding has been estimated at $4.297 billion. photo: file Listen to article The Reko Diq gold and copper mining project is expected to start production by 2028 and generate a free cash flow of around $74 billion. According to a plan unveiled by Oil and Gas Development Company Limited, the Reko Diq project, revived by Canada's Barrick Gold, is projected to start producing copper and gold by 2028, with an initial investment of $5.5 billion. According to Mark Bristow, CEO of Barrick Gold, which owns a 50% stake, the reserves are expected to generate $74 billion in free cash flow over the next 37 years, based on long-term prices. Officials said efforts were also underway to establish refineries, which would allow Pakistan to move up the value chain and reduce reliance on raw material exports. Saudi Arabian mining company Manara Minerals will acquire a 15% stake in the project, with potential investment of $1 billion. Industry officials say Pakistan's mining sector is increasingly attracting foreign investment as global firms eye the country's untapped mineral reserves. The Reko Diq project, located in Balochistan's Chagai district, has the world's largest untapped copper reserves. The mine is anticipated to generate $2.8 billion in annual exports while creating thousands of jobs and transforming the local economy. Its planned expansion will increase production to 400,000 tonnes of copper and 500,000 ounces of gold per year through an additional investment of $3.5 billion. Despite its huge potential, the mineral sector currently contributes only around 3.2% to Pakistan's gross domestic product (GDP) and its exports account for a meagre 0.1% of the world's total. However, with increasing exploration, foreign investment and infrastructure improvement, the mining industry is poised for significant growth. Pakistan's mineral-rich landscape covers an outcrop area of approximately 600,000 square kilometres. Of the 92 known minerals, 52 are commercially exploited. Pakistan produces an estimated 68.52 million metric tons of minerals annually. The sector supports over 5,000 operational mines and 50,000 small and medium enterprises, providing direct employment to 300,000 workers. Some of the country's most notable mineral reserves include the world's second-largest salt mines, fifth-largest copper and gold deposits and significant coal reserves. Furthermore, the country holds vast quantities of bauxite, gypsum and precious stones such as ruby, topaz, and emerald, which offer considerable export potential. Recognising the potential of the mining sector, the government is finalising the National Minerals Harmonisation Framework 2025, a comprehensive policy aimed at attracting investment and formalising regulations at both provincial and national levels. The framework will provide incentives to local and foreign investors, streamline mining regulations and facilitate public-private partnerships. A significant milestone in this regard is the Pakistan Minerals Investment Forum 2025, scheduled to take place on April 8-9 in Islamabad. This event will bring together ministers from across the globe, leading corporations, investors, policymakers and industry experts for discussing investment opportunities, technological advancements and policy frameworks in the mining sector. Pakistan's commitment to infrastructure development is crucial for unlocking the full potential of the mining industry. The China-Pakistan Economic Corridor (CPEC) is playing a pivotal role in transforming the transportation and export of mineral resources. Gwadar Port and Port Qasim are set to enhance mineral exports while improved road and rail networks will facilitate better connectivity between mining regions and industrial hubs. Logistics for the Reko Diq mine will be managed through a railway track that is being established in partnership with Pakistan Railways.
Express Tribune
06-02-2025
- Business
- Express Tribune
Minerals framework being finalised
Listen to article ISLAMABAD: The government is close to finalising the National Minerals Harmonisation Framework 2025, a key initiative aimed at attracting investment in the mineral sector. All provinces, Azad Jammu and Kashmir and Gilgit-Baltistan are to adopt the policy by February 26 this year. It will also be unveiled at the Pakistan Critical Minerals Summit, planned for April 9. Saudi Arabia has already expressed interest in acquiring 15% shares in the Reko Diq copper and gold mining project. The framework will help to formalise the policy at the domestic and national levels, which will encourage investment in Pakistan's mining sector. This is a key initiative of the Special Investment Facilitation Council (SIFC) for the mining industry. Sources said that the federal government was striving to take all provinces on board while finalising the National Minerals Harmonisation Framework 2025. They said that the provinces had been kept involved at all stages, including exclusive briefings to the chief secretaries followed by the chief ministers as well as in consultations with large and small-scale mining companies, mining associations, state-owned enterprises (SOEs) and provincial mining departments. Over 750 points were raised, of which 694 have been settled and incorporated into the framework. As a result, the harmonised Mines and Minerals Act 2025 and the National Mineral Development Policy 2025 are now ready for adoption and implementation. These will be showcased during the upcoming Pakistan Minerals Summit in April. Sources said that the federal government, in collaboration with the relevant stakeholders, was to finalise the Mines Safety and Health Act 2025 and present a milestone-based action plan to ensure its adoption by all provinces before June 2025. All chief ministers and the AJK prime minister are required to curb illegal mineral mining and ensure that no lease is granted to foreign companies involving the extraction and export of raw material, as already incorporated into the Mines and Minerals Act 2025. They will also identify provincial policies and laws that directly impact foreign direct investment and industrial development in the country. They will collaborate with the Ministry of Law and Justice for initiating the harmonisation of laws through the Council of Common Interests (CCI) to effectively facilitate investors and promote ease of doing business. Pakistan has already chalked out a $1.9 billion funding plan to execute the Reko Diq copper and gold mining project. Total project funding has been estimated at $4.297 billion. Of the total, the share of state-owned enterprises' special purpose vehicle (SPV) will be $1.194 billion and that of the government of Balochistan SPV $717 million, according to the definitive agreements for the Reko Diq mining project in Chagai, Balochistan. Balochistan's contribution will be funded by the government of Pakistan. According to a plan, in case debt financing is raised, Pakistan's government will provide a back-to-back guarantee for the government of Balochistan SPV shareholders' pro rata share under any project finance facilities prior to the execution of financing documents with approval of the Economic Coordination Committee (ECC). With the approval of federal and provincial cabinets, the government of Pakistan and the government of Balochistan had entered into an out-of-court dispute settlement with Tethyan Copper Company, Australia (TCCA) in respect of the Reko Diq copper and gold project. They reached the agreement after adverse arbitrary awards by the International Centre for the Settlement of Investment Disputes (ICSID) and due to expected similar awards from the International Chamber of Commerce (ICC) against Pakistan's government and the Balochistan province, respectively. These arrangements include the development of mineral resources under a reconstituted Reko Diq project comprising a joint venture among Barrick Gold Corporation, the government of Balochistan and state-owned enterprises namely Pakistan Petroleum, Oil and Gas Development Company and Government Holdings (Pvt) Limited.
