LAHORE: In 2023, Pakistan Mineral Development Corporation had claimed the country possessed mineral deposits worth $6 trillion embedded deep in its rugged terrains, where ancient mountains and sunbaked deserts whispered tales of bygone eras and the tales of human struggle for existence.
The figure was also quoted by Pakistan’s Ambassador to United States Masood Khan, while meeting a group of American Senators and Representatives from Connecticut on September 14, 2023. Heartening remarks were also aired Tuesday by Mark Bristow, CEO of Toronto-based Barrick Gold Corporation, at the ongoing Pakistan Minerals Investment Forum 2025 in Islamabad where the government is wooing investors to invest in country’s abundant, yet largely untapped, natural resources. The CEO of Barrick Gold Corporation, a mining company that produces Gold and Copper with 16 operating sites in 13 countries, revealed Reko Diq mines in Balochistan held 15 million tonnes of Copper and 26 million ounces of Gold. Sharing a feasibility report completed in 2024, Mark Bristow asserted the project’s first production would start in 2028 with an annual target of 240,000 tonnes of Copper and 300,000 ounces of Gold, whereas Phase Two would aim at increasing production to 400,000 tonnes of Copper and 500,000 ounces of Gold. A report appearing in a national daily on March 26, 2025 also gave details about a feasibility study that confirms presence of more than $60 billion worth of Copper and Gold reserves in Balochistan’s Reko Diq project at prevailing prices, prompting three state-owned energy sisters to double their funding commitment close to $1.9 billion. The newspaper stated: “The state-owned entities that doubled their investments are Oil and Gas Development Company Ltd (OGDCL), Pakistan Petroleum Ltd and Government Holdings (Pvt) Ltd. Based on existing reserves, the Reko Diq project is expected to yield production of 13.1 million tonnes of Copper and 17.9 million ounces of Gold over the life of the mine. At current market price of $3,016 per ounce of Gold and $9,815 per tonne of Copper, the total yield works out to be over $60billion, including $54 billion of Gold and $6 billion of Copper”. The media house added: “The updated feasibility study outlines a mine life of 37 years, divided into two phases. A limited financing facility of up to $3billion is being pursued, with the remainder to be funded through shareholder contributions, the Oil and Gas Development Corporation Limited said”. It is imperative to note on December 31, 2024, federal cabinet had approved sale of a 15pc stake in Reko Diq project to Saudi Arabia under a $540 million deal. In 2011, Pakistan had declined to grant a mining lease to Tethyan Copper Company (TCC), a joint venture between Barrick Gold and Antofagasta Minerals, citing irregularities. The TCC had discovered substantial deposits of Copper and Gold in Reko Diq and planned to invest billions in its development. The company filed for international arbitration, claiming Pakistan violated a bilateral investment treaty. In 2019, the World Bank’s International Centre for Settlement of Investment Disputes ruled in favour of TCC, awarding it $6 billion in damages.
To avoid paying the hefty penalty, Pakistan renegotiated with Barrick Gold and reached a settlement in 2022. The agreement reinstated the project with a new ownership structure, giving 50pc of the shares to federal and provincial governments, while Barrick Gold retained the other half. Apart from Copper and Gold, Pakistan also possesses significant reserves of various gemstones, including Emeralds, Rubies, Topaz, Sapphire, Aquamarine and Tourmaline. According to the “Pakistan Investment Portal for Saudi Arabia”, Pakistan holds significant reserves of 18 varieties of gemstones including 70 million carats of emerald in Swat, 9 million carats of pink topaz in Mardan, 10 million carats of Peridot in Kohistan, and approximately 200 million carats of ruby in Pakistani Kashmir. With the global Gems & Jewelry industry valued at $255 billion, and growing at an annual rate of 5.2pc, there is significant room for Pakistan to expand its market share. According to the August 2023 edition of “Hilal”, the official magazine of Pakistani Armed Forces, Geological Survey of Pakistan and Federal Ministry of Energy, Pakistan’s estimated iron ore reserves are around 1.427 billion tonnes and an annual output of 600,000 metric tonnes. Similarly, Pakistan is gifted with 2.572 million tonnes of Chromite, over 23 million tonnes of Lead and Zinc, an estimated 86,000 tonnes of Antimony, 13.71 million tonnes of Barium minerals, China Clay (production of 20,000 metric tonnes), Feldspar/Silicate minerals (yearly output of 40,000 metric tonnes), Fuller’s Earth (production of 9000 metric tonnes), Fireclay (total reserves rest at over 100 million tonnes with production of 83,000 metric tonnes in 2017-18), Silica Sand/Glass Sand (reserves of 557 million tonnes and production of 367,000 metric tonnes), Gypsum and Anhydrite (reserves of4,850 million tonnes and output of 2.5 million tonnes), Magnesite (reserves of 12 million tonnes), Rock Salt (output of 3.7 million tonnes), Soapstone (production of 138,000 metric tonnes), Solid Fuel-Coal (reserves of 186 billion tonnes) and Salt (Khewra Mine reserves of 220 million tonnes and output of 325,000 tonnes).