In a move poised to invigorate Pakistan’s economy, the government has announced plans to establish a dedicated Mines and Minerals Division. This initiative is part of a concerted effort to expedite mining activities, thus providing a significant boost to the nation’s economic prosperity.
This development aligns with previous endeavors by the Pakistan Democratic Movement (PDM) government, which had laid the groundwork for the establishment of the Mines and Minerals Division. The aim is to streamline efforts for the exploration and exploitation of the country’s rich mineral reserves.
Notably, Balochistan stands out as a veritable treasure trove of mineral wealth. Recent efforts have focused on accelerating mining activities in the region, particularly following an out-of-court settlement with a foreign firm regarding the Reko Diq copper and gold mining project. With the appointment of Shehbaz Sharif as prime minister, renewed vigor has infused the sector.
The recent meeting between the prime minister and the chief of Barrick Gold, headquartered in Toronto, Canada, underscores the commitment to kick-start mining operations under the Reko Diq project. The government has pledged comprehensive security measures to facilitate the project’s initiation.
Financial arrangements for the Reko Diq project are also well underway. A $1.9 billion funding plan has been devised by the Pakistani government, with additional financing being sought from foreign sources. Saudi Arabia and Kuwait have expressed keen interest in investing in the project, with discussions already underway to secure funds for mineral exploration.
Furthermore, steps are being taken to revise the National Minerals Policy to attract foreign investment, particularly in Balochistan. Amendments to existing policies and regulations are being considered to facilitate gold and copper mining and entice foreign investors.
In tandem with these initiatives, the establishment of a dedicated Mines and Minerals Division is imminent. This division will be tasked with addressing various challenges facing the sector, thereby fostering a conducive environment for growth and development.
Additionally, efforts are underway to update the Mines Act 1923 and finalize the Provincial Minerals Concession Rules. These measures aim to modernize the regulatory framework governing the mining sector, ensuring its alignment with contemporary standards and practices.
Overall, these developments signal a promising trajectory for Pakistan’s mining industry, with the potential to unlock vast economic opportunities and propel the nation towards sustainable growth and prosperity.
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