Islamabad — Pakistan concluded a two-day minerals investment forum on Friday, signing 13 agreements and memorandums of understanding (MoUs). Officials highlighted growing international interest in the nation’s mining sector, even as persistent security concerns endure.
Pakistan aims to transform its vast, yet underdeveloped, mineral deposits into a driver of foreign investment, industrial growth, and export earnings as it seeks to strengthen its economy. However, militant violence — especially in the mineral-rich southwestern Balochistan province — has raised concerns among international investors. In April, Canada’s Barrick Mining Corporation announced it would decelerate development of the Reko Diq project, a multibillion-dollar copper and gold mining venture.
According to Ahmed Hayat Lak, managing director of the Oil and Gas Development Company Limited (OGDCL) and president of the Pakistan Minerals Investment Forum 2026, the agreements encompassed mineral exploration, investment, geological surveys, and work tied to existing mining licenses.
‘Thirteen MoUs and agreements were signed,’ Lak said to Arab News on the sidelines of the event. ‘They cover various areas: some pertain to investment within the mineral sector, others to existing licenses and exploratory work. Much of the focus involves geological surveys.’
Lak noted that international attendance surpassed last year’s levels, with mining companies, investors, service providers, and government representatives in attendance. The forum also featured country pavilions representing the European Union and Canada, alongside exhibitors from the United States and China.
Lak attributed the heightened interest partly to government efforts to enhance the consistency and predictability of Pakistan’s mining regulations across jurisdictions.
‘The most critical factor for our mineral sector is the regulatory and legal framework,’ Lak stated. ‘The Government of Pakistan initiated a harmonization effort approximately two years ago.’
Since mining regulation falls primarily under provincial jurisdiction, coordination between federal and provincial authorities is essential for foreign investors pursuing licenses and approvals.
The presence of provincial chief ministers, the prime minister of Azad Jammu and Kashmir, and senior mining officials provided investors with direct engagement opportunities regarding mineral development responsibilities.
Lak also highlighted agreements with Britain and Germany designed to strengthen cooperation between Pakistan’s Geological Survey and its international counterparts.
The forum allowed investors to evaluate the future of major projects, including Reko Diq, amid ongoing security challenges.
‘Barrick’s Global Group Chairman John Thornton attended for two days,’ Lak said. ‘We held a meeting, and he also delivered a keynote. Their entire global team is present. They are fully committed to advancing this project on an accelerated timeline.’
‘God willing, both Pakistan and Barrick remain fully committed,’ he added. ‘Whatever development strategy we arrange aims to advance the project in a cost-effective and timely manner.’
‘The onus is now on us to transform this geological potential into actual projects on the ground,’ Malik told Arab News.
Malik noted that the exhibition area expanded fourfold compared to last year, reflecting heightened interest in Pakistan’s mineral resources. He cited a memorandum of understanding involving Ivanhoe and Pakistan’s Mari Minerals as a prime example of the partnerships emerging from the event.
Prime Minister Shehbaz Sharif, in his address at the forum, urged mining companies to establish domestic processing and manufacturing facilities rather than merely exporting raw minerals.
‘Mine in Pakistan, process in Pakistan, manufacture in Pakistan, and then export to the rest of the world,’ he told participants.
Army Chief Field Marshal Asim Munir pledged maximum security for investors, workers, and mining projects, as the government works to address concerns regarding militant attacks in Balochistan.