Untapped mineral wealth can free Pakistan from IMF dependence: PM Sharif

ISLAMABAD: The two-day Mineral Investment Forum commenced in Islamabad on Tuesday with a promise for Pakistan’s economic progress owing to the reserves of minerals present in the country. Prime Minister Shehbaz Sharif and Chief of Army Staff General Asim Munir attended the opening session of the summit, as the government looks to attract investment in the country’s vast mineral sector. The two-day forum has brought together sector specialists and stakeholders from various countries.

Prime Minister Shehbaz Sharif welcomed delegates, expressing confidence that the event would strengthen investor trust and boost growth in the mineral sector. He stated that Pakistan’s vast untapped reserves of copper, gold, and coal, and their extraction could free the country from its reliance on the IMF.

The prime minister said Pakistan holds mineral reserves worth trillions of dollars, with rich deposits in Balochistan, Khyber Pakhtunkhwa, and Gilgit-Baltistan. He noted that provincial governments, national institutions, and the Pakistan Army were working in unison to unlock the country’s resource potential. Citing the progress on the Reko Diq project, he called it a promising step forward. PM Sharif also stressed the importance of shifting from raw material exports to finished goods, adding that strong resource development could significantly strengthen Pakistan’s economy.

Addressing the summit, the COAS said that he was firmly convinced that Pakistan is poised to emerge as a leader in the global mineral economy.

Speaking about the need for skilled manpower, he stated that to harness Pakistan’s mineral wealth engineers, geologists, and miners would be needed: :”We’re sending students abroad for training in Zambia and Argentina.” He added that Pakistan Army will ensure robust security for investors because economic security is now critical to national security.

On industrial growth, the COAS said: “We must develop upstream and downstream mineral sectors and investing in refining and value addition is essential to cut costs and diversify markets.”

Minister for Petroleum Ali Pervaiz Malik credited government efforts for driving economic stability, stating that global institutions have acknowledged Pakistan’s improving performance. He noted that the Pakistan Stock Exchange has emerged as one of the top-performing markets globally, foreign exchange reserves have risen, and inflation has come down.

Pakistan Minerals Investment Forum set to begin tomorrow

Malik referred to Pakistan’s immense mineral wealth, with reserves spread across Khyber Pakhtunkhwa, Sindh, and Punjab, and particularly highlighted Balochistan’s strategic importance in the sector. He added that the government is committed to facilitating investment by simplifying regulations and fully leveraging the country’s natural resources. “Reko Diq will play a pivotal role in Pakistan’s economic progress and Balochistan’s prosperity.”

Speaking at a session during the event, Foreign Minister Ishaq Dar reiterated that Pakistan is moving towards economic recovery and that the country is entering a new phase of growth. He stressed the need to harness mineral wealth for long-term stability, adding that all economic indicators have turned positive due to better policy measures. “There are substantial reserves of gold and copper in Pakistan and we must increase investment in this vital sector,” he said. He expressed hope that the forum would pave the way for fresh investment in Pakistan’s mineral industry.

Barrick Gold CEO Mark Bristow reaffirmed the company’s commitment to supporting local development around the Reko Diq project, including small businesses, healthcare, education, and infrastructure. “Mineral resources are the future of sustainable development, and Pakistan holds a unique position due to its natural wealth,” he said.

NRL announces discovery of copper and gold deposits in Chagai

According to National Resources Limited Chairman Muhammad Ali Tabba, the company has so far completed 13 diamond drill holes, all of which have indicated the presence of mineral deposits.

He further stated that a Memorandum of Understanding has been signed with the Oil and Gas Development Company (OGDC), and that the company intends to bring both national and international investors on board for the project.