Pakistan signs 13 mineral cooperation agreements with foreign firms at investment forum

Islamabad, Nov 14 (PTI) Pakistan has signed 13 agreements with foreign firms to boost mineral exploration and attract investment into the country's mineral sector, officials said.

     According to the officials, the Memoranda of Understanding (MoUs) were signed on Friday at the conclusion of the two-day Pakistan Minerals Investment Forum (PMIF) in Islamabad. The event attracted roughly 10,000 attendees from Pakistan and 60 other nations.

     Prime Minister Shehbaz Sharif and Chief of Army Staff Field Marshal Asim Munir addressed the concluding session, emphasising the need to develop complete mineral value chains rather than merely exporting raw materials.

     According to The Express Tribune newspaper, multiple deals targeting mineral exploration and mining development have been signed for Balochistan's Chagai district, an area known for its major copper and gold reserves.

     Turkiye’s Lidiya Mining and Pakistan’s Mari Minerals signed a joint venture agreement to explore and develop mineral resources in Balochistan's Chagai district.

     Turkiye's MTA International Company (MTAIC) and Mari Minerals also announced a strategic framework for mineral exploration and mining projects in Chagai.

     Pakistan also signed agreements with Japan, Germany and the United Kingdom to strengthen cooperation in geological surveys, mineral research and geosciences.

     A separate joint venture between MTAIC and the Pakistan Mineral Development Corporation (PMDC) will focus on exploring antimony, copper, gold, silver, molybdenum and other critical minerals in Balochistan's Pishin district.

     Other agreements covered gemstone resource assessment, airborne geophysical surveys and advanced mineral exploration technologies.

     Pakistan's mineral reserves are estimated to be worth around USD 8 trillion and spread across 6,00,000 square kilometres, according to the Institute of Cost and Management Accountants (ICMA).

     Despite its vast mineral wealth, the mining sector has historically contributed less than three per cent to the country's gross domestic product (GDP).

     The country is seeking to increase annual mineral exports from around USD 3 billion to USD 8 billion through greater investment, improved governance and enhanced security.

     Addressing the forum on Friday, Sharif urged international investors to establish processing and manufacturing industries in Pakistan to ensure greater value addition to its mineral resources.

     He also highlighted the Reko Diq copper and gold mining project in Balochistan, saying production was expected to begin in 2028.

     International industry leaders, including Barrick Mining Corporation Chairman John L Thornton, Ivanhoe Mines Executive Chairman Robert Friedland and Minmetals Central and South Asia Vice President Wang Jicheng, also addressed the forum.

(This story has not been edited by THE WEEK and is auto-generated from PTI)