ISLAMABAD: Pakistan signed 13 agreements and memorandums of understanding (MoUs) at a two-day minerals investment forum that concluded in Islamabad on Friday, as the government sought to attract international investment into the country’s largely untapped mineral resources.
The agreements cover mineral exploration, investment, geological surveys and activities linked to existing mining licences, according to officials. However, they did not disclose the combined financial value of the deals.
Pakistan is looking to transform its vast mineral reserves into a major source of foreign investment, industrial development and export earnings. However, persistent security concerns, particularly in mineral-rich Balochistan, continue to pose challenges for international investors.
In April, Canada’s Barrick Mining Corporation announced plans to slow development of the multibillion-dollar Reko Diq copper and gold project amid security concerns.
Ahmed Hayat Lak, managing director of the Oil and Gas Development Company Limited (OGDCL) and president of the Pakistan Minerals Investment Forum 2026, confirmed the signing of the 13 agreements.
“13 MoUs and agreements were signed,” Lak told Arab News on the sidelines of the event. He said the deals covered investment, ongoing mining licences, exploratory activities and geological surveys.
Some of the agreements could eventually lead to the award of contracts, he added.
Meanwhile, Lak said this year’s forum attracted greater international participation than last year’s event. Mining companies, investors, service providers and government representatives attended the gathering.
The forum also featured country pavilions representing the European Union and Canada, while companies from the United States and China participated in the event.
Lak attributed the growing interest partly to government efforts to establish a more consistent and predictable regulatory framework for the mining sector.
“The most vital thing for our mineral sector was the regulatory and legal framework,” he said, adding that the government launched an initiative to harmonise mining regulations about two years ago.
Since mining falls primarily under provincial jurisdiction, coordination between federal and provincial authorities remains essential for investors seeking licences and regulatory approvals.
Lak said the participation of provincial chief ministers, the prime minister of Azad Jammu and Kashmir and senior mining officials provided investors with an opportunity to engage directly with decision-makers.
He also highlighted agreements with Britain and Germany to strengthen cooperation between Pakistan’s Geological Survey and their international counterparts.
REKO DIQ PROJECT
The future of the Reko Diq project also featured prominently at the forum, particularly amid concerns over security in Balochistan.
Lak said Barrick’s Global Group Chairman John Thornton attended the two-day event, held meetings with Pakistani officials and delivered a keynote address.
He added that members of Barrick’s global team also participated in the forum, reaffirming the company’s commitment to the project.
“God willing, both sides, Pakistan and Barrick, are fully committed,” Lak said. He added that both parties were working on a development strategy aimed at advancing the project efficiently while controlling costs and timelines.
Federal Minister for Petroleum Ali Pervaiz Malik also welcomed the growing international interest in Pakistan’s mineral sector.
“Now the onus is upon us that we convert this geological potential into actual projects on the ground,” Malik told Arab News.
He said the exhibition area at this year’s forum had expanded fourfold compared with last year, reflecting increased interest in the country’s mineral resources.
Malik also cited a memorandum of understanding involving Ivanhoe and Pakistan’s Mari Minerals as an example of the partnerships emerging from the event.
Earlier, Prime Minister Shehbaz Sharif urged international mining companies to establish local processing and manufacturing facilities instead of exporting Pakistan’s mineral resources in raw form.
“Mine in Pakistan, process in Pakistan, manufacture in Pakistan, and then export to the rest of the world,” he told participants.
Meanwhile, Army Chief Field Marshal Asim Munir assured investors that Pakistan would provide maximum security to investors, workers and mining projects.
The commitment comes as the government seeks to address security concerns surrounding major mining ventures, particularly in Balochistan, where militant violence has raised questions about the safety of large-scale foreign investments.
