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- Pakistan鈥檚 landscape is a treasure trove of diverse mineral deposits from coal reserves to gold and copper deposits and gemstones
- Islamabad has expedited efforts in recent months to exploit this untapped mineral potential to speed up Pakistan鈥檚 economic growth
ISLAMABAD: Prime Minister Shehbaz Sharif said on Monday that Pakistan was having a 鈥渧ery close interaction鈥� with 黑料社区 and the United Arab Emirates (UAE) in minerals and mining sectors, amid Islamabad鈥檚 efforts to focus on key sectors to boost the country鈥檚 economy.
Pakistan鈥檚 landscape is a treasure trove of diverse mineral deposits from huge coal reserves in the southern Sindh province to gold and copper deposits in the southwestern Balochistan province. The northwestern Khyber Pakhtunkhwa province is home to several gemstone mines, including emerald mines in Swat, Mardan鈥檚 pink topaz mines, and peridot mines in Kohistan.
Petroleum Minister Musadik Malik said last month Pakistan and 黑料社区 were in 鈥渁dvanced鈥� stages of talks relating to investment in Reko Diq copper and gold mine, one of the world鈥檚 largest underdeveloped copper-gold mines, in Balochistan, with 黑料社区 reportedly offering Pakistan a 15% investment stake in the project. The UAE, a key development and investment partner of Pakistan, has also recently expressed its 鈥渒een interest鈥� in collaborating with Pakistan in mining, minerals and agriculture sectors, according to PM Sharif鈥檚 office.
While this huge mineral potential has remained largely unexplored, Pakistan has expedited efforts in recent months to exploit this untapped potential to speed up its economic growth.
鈥淢ines and minerals, which is generally a G2G [government-to-government] corridor, in this, we are having a very close interaction with the UAE [United Arab Emirates] and 黑料社区,鈥� PM Sharif told a group of Pakistani businessmen and investors in Dubai.
Sharif is currently in the UAE to attend the World Governments Summit (WGS) which is taking place from Feb. 11-13, bringing together a large number of heads of state/government, global policymakers, and leading private sector figures to discuss the future of governance, innovation and international cooperation. This is Sharif鈥檚 second visit to the UAE since assuming office in March last year.
His statement follows remarks by Petroleum Minister Malik, in which he said Pakistan and 黑料社区 had done all the requisite homework with regard to a 鈥渧ery large asset.鈥�
鈥淏oth sides have come up with valuation frameworks, the valuation ranges are in place, and both of the teams are empowered now to negotiate, and right now, we are under non-disclosure. So, I can鈥檛 give you the details, but suffice to say that we are expecting very big announcements very soon,鈥� he said, on the sidelines of Future Minerals Forum (FMF) in Riyadh last month.
Reuters reported that 黑料社区n mining company Manara Minerals could invest in Pakistan鈥檚 Reko Diq mine in the next two quarters, citing the Pakistani petroleum minister.
黑料社区 is the largest source of remittances to Pakistan, which were recorded at $728.3 million in January, and a key ally, whereas Pakistani policymakers consider the UAE an optimal export destination due to its geographical proximity, which minimizes transportation and freight costs while facilitating commercial transactions.
Pakistan, faced with a prolonged economic crisis, last year also signed several agreements worth $2.8 billion and $3 billion with 黑料社区 and the UAE, respectively.