ISLAMABAD: Pakistan’s Petroleum Minister Ali Pervaiz Malik will attend the International Mining and Resources Conference (IMARC) in Australia today, Tuesday, to discuss cooperation in exploration and mining of critical minerals and energy transition with industry leaders, state media reported. 

The three-day conference will feature the most influential people in the mining industry come together in Sydney to deliver ideas and inspiration from Oct. 21-23. An exhibition along with the conference will feature over 500 solution providers from around the world, showcasing the latest technology, machinery and services driving innovation and productivity across the mining sector. 

“During the visit, he [Malik] will also hold a series of bilateral meetings with participating ministers, senior Australian government officials, and global industry leaders to discuss cooperation in exploration and mining of critical minerals, energy transition, and sustainable development,” state broadcaster Radio Pakistan reported. 

Pakistan, rich in gold, copper and lithium reserves as well as other minerals, has been pushing to attract international investment in its mining and minerals sector. The South Asian country hopes additional foreign investment in its key priority sectors will help it escape a prolonged economic crisis that has drained its financal reserves and weakened its national currency over the years. 

Islamabad has attracted interest from Washington, particularly over its critical minerals sector. In August, US Secretary of State Marco Rubio said Washington looked forward to exploring cooperation with Pakistan in critical minerals and hydrocarbons.

In April, Pakistan hosted an international minerals summit in Islamabad where top companies and government officials from the US, Saudi Arabia, China, Turkiye, the UK, Azerbaijan and other nations attended. The summit aimed to attract foreign investment in the country’s mining sector. 

Pakistan is also home to one of the world’s largest porphyry copper-gold mineral zones, while the Reko Diq mine in southwestern Balochistan has an estimated 5.9 billion tons of ore.

However, despite being rich in reserves of salt, copper, gold and coal, Pakistan’s mineral sector contributes only 3.2 percent to the country’s GDP and 0.1 percent to global exports. Pakistan is now aiming to tap into this underutilized potential by attracting investment from global mining companies.