Latest news with #PakistanMineralsSummit
Arab News
14-04-2025
- Business
- Arab News
US congressman urges collaboration with Pakistan in critical minerals, industrial development
ISLAMABAD: US Republican Congressman Jack Bergman has called for cooperation with Islamabad in the critical minerals and industrial development sectors, aiming to build a strategic partnership that 'provides value not only to Pakistan but to the entire world.' The United States has identified a list of 'critical minerals' like aluminum, lithium, cobalt, and rare earth elements that it has deemed essential for its economy, national security, and technological advancements. Pakistan is endowed with various mineral resources, including salt, coal, copper, gold, chromite, bauxite, and gemstones. It is also rich in lithium used to make batteries, as well as other minerals. But despite rich natural reserves estimated to be worth $6 trillion, Pakistan's mineral sector contributes only 3.2% to GDP and 0.1% to global exports. The country is now aiming to tap into this underutilized potential and last week organized a minerals summit attended by top government officials and heads of companies from various countries including the US, UK, Europe, China and the Middle East. 'The value of the relationship going forward between Pakistan and the United States cannot be overestimated or how positive an impact it's going to make, not only just here in Pakistan, in the United States, but in developing areas around the world,' said Bergman, who is part of a three-member US congressional delegation visiting Pakistan this week. 'The importance of what we're doing here in these specific areas is to bring partnerships together in very specific areas, critical minerals being only one of many but it sets the stage for the next steps in the development of good industries that provide value not only to Pakistan but to the entire world.' 'We cannot overestimate the value of the kinds of industries that we are involved with now in developing capabilities, whether it's industrial techniques, mining techniques, new products, all of those elements that go into the future of our productive world,' Bergman added. Last week, senior official Eric Meyer from the US Department of State's Bureau of South and Central Asian Affairs attended the Pakistan Minerals Summit and expressed interest in enhancing cooperation with Pakistan in the minerals sector, citing President Donald Trump's vision of securing rare materials as a 'strategic priority' that could benefit both countries. Pakistan is home to one of the world's largest porphyry copper-gold mineral zones, while the Reko Diq mine in southwestern Balochistan province has an estimated 5.9 billion tons of ore. Barrick Gold, which owns a 50% stake in the Reko Diq mines, considers them one of the world's largest underdeveloped copper-gold areas, and their development is expected to have a significant impact on Pakistan's struggling economy.
Arab News
11-04-2025
- Business
- Arab News
‘Incredible event': Pakistan's minerals summit attracts global investors
ISLAMABAD: Major international companies from the US, Australia, South Africa and other nations have praised a global minerals summit hosted by Pakistan this week for opening up opportunities for investment in the country's vast natural reserves, estimated to be worth $6 trillion. The Pakistan Minerals Summit, aimed at attracting foreign investment in the country's mining sector, saw participation from major international companies including Canada-based Barrick Gold and government officials from the United States, Saudi Arabia, China, Turkiye, the United Kingdom, Azerbaijan and other nations. Pakistan is home to one of the world's largest porphyry copper-gold mineral zones, while the Reko Diq mine in southwestern Balochistan province has an estimated 5.9 billion tons of ore. Barrick Gold, which owns a 50 percent stake in the Reko Diq mines, considers them one of the world's largest underdeveloped copper-gold areas, and their development is expected to have a significant impact on Pakistan's struggling economy. But despite rich reserves of salt, copper, gold and coal, Pakistan's mineral sector contributes only 3.2 percent to GDP and 0.1 percent to global exports. The country is now aiming to tap into this underutilized potential. 'This is really a great event so far for me. I'm meeting some great people, learning about the culture and the event is probably one of the best events we've been to recently,' Dave Williams, the CEO of Mudex, an Australian drilling fluids company, said in an interview to Radio Pakistan. Mudex is based in Perth, specializing in the production and supply of environmentally friendly drilling fluids for industries such as mining, civil construction, water wells and horizontal directional drilling. Founded in 2014, Mudex offers a wide range of drilling fluid products including viscosifiers, lubricants, foaming agents and lost circulation materials. 'The networking and all has been really good … Being able to understand the immensity of the work that is happening in Pakistan at the moment,' the Mudex CEO said about the minerals summit. Sohail Kiani, president of Canada's SARF, said he was pleased to see Pakistani 'finally recognizing its potential' in the minerals sector. 'Pakistan is a copper country and in the coming years, copper is going to become very important,' he said. Pakistan's copper reserves are estimated to be around 6.5 billion tons. 'The geology of this country is very conducive to taking out minerals which the world needs but obviously they've been in the ground for millions of years so we need to have a robust policy,' Kiani added. Leah Boyer Saifullah, Senior Policy Adviser for the Critical Minerals Forum in Washington DC, described the minerals summit as 'incredible.' 'I'm so glad to see Pakistan coming to the table, being part of this discussion,' she said. 'I think this is going to be incredible for the country and for Pak-US relations.' Tabassum Qadir, the CEO of Uprise Commodities Africa, said she was attending the mineral summit to explore opportunities at the Thar coal mines, located in southern Pakistan. They represent a significant source of lignite coal reserves in the country and are being developed for power generation. 'There is a gasification feasibility done in South Africa, which I want to implement in Pakistan,' Qadir said. The businesswoman's investment signals a renewed effort to harness Pakistan's Thar coal reserves through gasification technology, which converts coal into synthetic gas for industrial use. The initiative can reduce energy costs, alleviate the country's growing fuel import bill and provide a domestic alternative to costly liquefied natural gas.
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.
