Pakistan to hold ‘first-ever’ minerals summit on August 1 — state TV

The undated photo shows Reko Diq site in Pakistan's province of Balochistan. (Barrick Gold)
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Updated 30 July 2023
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Pakistan to hold ‘first-ever’ minerals summit on August 1 — state TV

  • The South Asian country has vast reserves of metallic and non-metallic mineral reserves, including those of gold and copper
  • Besides oil and gas exploration, the precious gemstone and marble industries have also flourished in Pakistan in recent years

ISLAMABAD: The Pakistani government will be holding a “first-ever” mineral summit in the country on August 1 to explore vast potential of the minerals industry, the state TV reported on Sunday. 

The South Asian country has vast reserves of several metallic and non-metallic mineral reserves, including those of gold, copper, iron, chromite, barites, gypsum, and rock salt. 

Along with oil and gas exploration, the precious gemstone and marble industry has also been flourishing in Pakistan, with its geostrategic location providing huge opportunities for related industries in the global market. 

“Government of Pakistan is organizing first-ever Pakistan Minerals Summit on Aug 1,” the state-run Radio Pakistan broadcaster reported. “The highly anticipated event aims to explore and capitalize on vast potential of minerals industry.” 

The development comes a month after Pakistan established the Special Investment Facilitation Council (SIFC) to address the cash-strapped nation’s economic woes by drawing international attention to business opportunities in the fields of agriculture, mining, information technology and defense production in Pakistan. 

The council has reportedly approved nearly two dozen projects worth billions of dollars, including the construction of Diamer-Bhasha dam and mining operations at Reko Diq in Balochistan’s Chagai district. 

In a separate move to boost foreign and domestic investments, the government this month approved the Pakistan Investment Policy (PIP) 2023 as well to attract investors by adopting best practices and providing an optimal investment climate. 

The new policy, developed in consultation with the World Bank and the International Finance Corporation, is expected to attract up to $25 billion in investment over the next few years, according to officials. 


At UNSC, Pakistan warns competition for critical minerals could fuel global conflict

Updated 54 min 58 sec ago
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At UNSC, Pakistan warns competition for critical minerals could fuel global conflict

  • The demand for critical minerals has surged worldwide due to rapid expansion of electric vehicles, advanced electronics and clean energy technologies
  • Pakistan’s representative says all partnerships in critical minerals sector must be ‘cooperative and not exploitative’ and respect national ownership

ISLAMABAD: Ambassador Asim Iftikhar Ahmad, Pakistan’s permanent representative to the United Nations (UN), has warned that intensifying global competition over critical minerals could become a new driver of global conflict, urging stronger international cooperation and equitable access to resources vital for the world’s energy transition.

The warning comes as demand for critical minerals and rare earth elements surges worldwide due to the rapid expansion of electric vehicles, advanced electronics and clean energy technologies, with governments and companies increasingly competing to secure supply chains while raising concerns that this may lead to geopolitical rivalries in the coming years.

Speaking at a Security Council briefing on ‘Energy, Critical Minerals, and Security,’ Ahmad said experience showed that the risks of instability increased where mineral wealth intersected with weak governance, entrenched poverty and external interference.

“Access to affordable, reliable and sustainable energy is essential for development, stability and prosperity. The global transition toward renewable energy, electric mobility, battery storage and digital infrastructure has sharply increased the demand for critical minerals,” he said.

“This upsurge has generated new geopolitical and geo-economic pressures. If not managed responsibly, competition over natural resources can affect supply chains, aggravate tensions, undermine sovereignty and contribute to instability.”

In several conflict-affected settings, he noted, illicit extraction, trafficking networks and opaque financial flows have fueled armed conflict and violence, weakened state institutions and deprived populations of legitimate revenues.

“The scramble for natural resources and its linkage to conflict and instability is therefore not new,” Ahmad told UNSC members at the briefing. “Pakistan believes that natural resources must serve as instruments of economic development and shared prosperity, and not coercion or conflict.”

He urged the world to reaffirm the right of peoples to permanent sovereignty over their natural resources, saying all partnerships in the critical minerals sector must be cooperative and not exploitative, respect national ownership, ensure transparent contractual arrangements and align with host countries’ development strategies.

“In order to prevent the exploitation of mineral-producing countries and regions, particularly in fragile and conflict-affected settings, support their capacity-building for strengthening domestic regulatory institutions, combating illicit financial flows, ensuring environmental safeguards, and promoting equitable benefit-sharing with local communities,” he asked member states.

“Promote equitable participation in global value chains. Developing countries must be enabled to move beyond extraction toward processing, refining and downstream manufacturing. Technology transfer, skills development and responsible investment are essential to avoid perpetuating structural imbalances.”