ISLAMABAD: Barrick Mining Corporation has expressed interest in investing in mineral processing industries in Karachi and Gwadar, signalling a potential expansion of its business interests in Pakistan beyond the Reko Diq copper and gold project.
Thank you for reading this post, don't forget to subscribe!The interest was conveyed by a delegation led by Barrick Chairman John Thornton during a meeting with Prime Minister Shehbaz Sharif on Friday, where both sides discussed opportunities to expand investment in Pakistan’s mineral sector and the measures required to attract international mining companies.
The proposed investments in Karachi and Gwadar could extend Barrick’s involvement into mineral processing and related industrial activities, creating opportunities to strengthen Pakistan’s domestic value-addition capabilities.
During the meeting, Prime Minister Shehbaz Sharif described the Reko Diq project as a landmark investment, expressing confidence that its successful development could establish a benchmark for future mining ventures in the country.
He said the government was committed to unlocking Pakistan’s mineral potential through investor-friendly policies, improved infrastructure, modern technologies and incentives to facilitate international investment.
The prime minister emphasised that mineral development must also deliver tangible economic and social benefits to communities in resource-rich areas, particularly Balochistan, where the Reko Diq project is located.
He highlighted employment generation, technical and vocational training for young people and improvements in local living standards as key priorities associated with the development of the mining sector.
The discussions also covered the policy, regulatory and infrastructure requirements necessary to support large-scale mineral investments and create a predictable business environment for international investors.
Prime Minister Shehbaz Sharif said Pakistan wanted to benefit from Barrick’s international expertise in mineral exploration, development and processing, while exploring opportunities beyond the existing Reko Diq project.
The Barrick delegation welcomed the Pakistan Minerals Investment Forum (PMIF26), describing it as an important initiative for advancing the country’s mining industry and acknowledging the government’s efforts to attract foreign investment.
The meeting was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb, Petroleum Minister Ali Pervaiz Malik, and Prime Minister’s Special Assistant on Energy Lt Gen Muhammad Zafar Iqbal (Retd), along with senior government officials.
Barrick’s interest in potential processing facilities in Karachi and Gwadar comes as Pakistan seeks to move beyond the export of raw minerals towards domestic processing, value addition and the development of an integrated mineral industry.
Story by Zulfiqar Ahmad
