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The
Pakistan Minerals Investment Forum aims to spotlight Pakistan’s
reserves of copper, gold, lithium and other minerals while
promoting opportunities in the long-overlooked sector.
In a speech to delegates, Prime Minister Shehbaz Sharif claimed
that Pakistan possesses mineral reserves worth trillions of
dollars, and foreign investment in the mineral sector could help
the country overcome its prolonged financial crisis and free
itself from the burden of massive foreign loans.
However, he said Pakistan will not permit the export of raw
minerals, as the country expects foreign companies to process
the extracted materials locally and export the finished
products.
Several companies signed agreements with Pakistan in the mining
sector. They included the Canadian firm Barrick Gold, which
already owns a 50% stake in the Reko Diq gold mine in
southwestern Balochistan province.
Earlier, Deputy Prime Minister Ishaq Dar said Pakistan is
offering incentives to potential investors. He gave few details
but noted “aligning our regulatory frameworks with competitive
fiscal terms.”
Pakistan's powerful army chief Gen. Asim Munir in his speech
told foreign companies and investors that the military would
“ensure a robust security framework and proactive measures to
safeguard the interests and confidence of our partners and
investors.”
Pakistan has one of the world's largest copper and gold deposits
in Reko Diq, a district in restive Balochistan, which has
witnessed a surge in attacks by Baloch separatists in recent
years.
Mineral-rich Balochistan is Pakistan’s largest and least
populated province. It is a hub for the country’s ethnic Baloch
minority, whose members say they face discrimination and
exploitation by the central government.
Pakistan says it has quelled the insurgency, but the outlawed
Baloch Liberation Army has mounted attacks as recently as last
month. It mostly targets security forces and foreigners,
especially Chinese nationals who are in Pakistan as part of
Beijing’s multi-billion-dollar Belt and Road Initiative. The BLA
wants a halt to all Chinese-funded projects and for Chinese
workers to leave Pakistan.
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