|
The
deal comes after Washington and Islamabad last month reached a
trade agreement that Pakistan hoped would attract American
investment in its minerals and oil reserves.
U.S. Strategic Metals is focused on producing and recycling
critical minerals, which the U.S. Department of Energy has
defined as essential in a variety of technologies related to
advanced manufacturing and energy production.
A second agreement was signed between the National Logistics
Corp of Pakistan and Mota-Engil Group, a Portuguese engineering
and construction company.
A statement from Prime Minister Shehbaz Sharif's office said he
held talks with the delegation from U.S. Strategic Metals and
Mota-Engil over Pakistan’s copper, gold, rare earths and other
mineral resources.
The sides expressed readiness to develop value-added facilities,
enhance mineral processing capacity, and undertake large-scale
projects tied to mining, the statement said.
“The partnership will begin immediately with the export of
readily available minerals from Pakistan, including antimony,
copper, gold, tungsten, and rare earth elements,” it added.
The U.S. embassy in Pakistan said in a statement: “This signing
is yet another example of the strength of the U.S.-Pakistan
bilateral relationship that will benefit both countries.”
Earlier this year, 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.
Most of Pakistan's mineral wealth is in the insurgency-hit
southwestern Balochistan province, where separatists have
opposed the extraction of resources by Pakistani and foreign
firms.
In August, the U.S. State Department had designated the
Balochistan National Army separatist group and its fighting
wing, the Majeed Brigade, as a foreign terrorist organization.
Oil and minerals reserves have also been found in the southern
Sindh, eastern Punjab and northwestern Khyber Pakhtunkhwa
bordering Afghanistan.
Several companies have already 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 Balochistan.
All contents © copyright 2025 Associated Press. All rights reserved
|
|
