Pakistan can say goodbye to IMF by tapping mineral wealth: PM Shehbaz Sharif

Islamabad [Pakistan], April 8 (ANI): Pakistan Prime Minister Shehbaz Sharif on Tuesday said that Pakistan could free itself from reliance on global financial institutions like the International Monetary Fund (IMF) if it successfully harnessed its mineral reserves, which are estimated to be worth "trillions of dollars." He made the remarks while addressing the Pakistan Minerals Investment Forum 2025 (PMIF25), held at the Jinnah Convention Centre in Islamabad, Dawn reported.
The two-day forum, which began on Tuesday, brings together around 300 foreign delegates and aims to showcase investment opportunities in Pakistan's emerging mineral sector. The government plans to unveil a unified national framework to promote mining ventures across all four provinces, as well as Azad Kashmir and Gilgit-Baltistan.
"The deposits are valued in trillions of dollars. If we are able to harvest these great assets... Pakistan would say goodbye to institutions like the IMF... It will be able to get rid of the mountain of loans and borrowed sums of money costing us a fortune," PM Shehbaz said. He also emphasised that any future investor engagement would be conditional on downstream processing within Pakistan.
"We will not allow raw materials to be shipped out of Pakistan," he stated. "There has to be an integrated policy where you [investors] mine raw material, have downstream industry, convert them into finished goods and then export it out."
The prime minister added that technology transfer would be a key component of such agreements. "This will be the cardinal principle of our partnership. In the future, you [investors] are most welcome to these mines all over Pakistan but there has to be a partnership which brings benefits to both partners."
He called on all stakeholders--federal and provincial governments, institutions, and the military--to collaborate. "If we are able to put our act together... we can turn the corner within no time," he said.
Deputy Prime Minister Ishaq Dar, in his opening remarks, said Pakistan was strategically positioned to emerge as a global mining powerhouse. He highlighted significant reserves such as Reko Diq, along with a wide range of rare earth elements, industrial minerals, non-metallics, and gemstones including peridot and emerald.
"With this vast untapped mineral potential, Pakistan's resource corridor is poised to reshape global supply chains and attract foreign direct investment," Dar stated. He noted that the government was advancing strategic development of the sector through policy reforms and investor-centric measures designed to create a robust ecosystem, reported Dawn.
Commerce Minister Jam Kamal, speaking at a discussion session, reiterated that Pakistan is an attractive destination for mineral investment. "Our resources are potentially so high that these will definitely attract a lot of investment and interest from local and foreign companies," he said.
Separately, significant developments in mineral exploration were announced by National Resources Limited (NRL), a Pakistani private firm owned by Fatima Fertiliser, Liberty Mills Limited, and Lucky Cement. The company revealed the discovery of promising copper-gold mineralisation in the Chagai district of Balochistan.
NRL Chairman Muhammad Ali Tabba, who is also the CEO of Lucky Cement, stated that the licensed area covers 500 square kilometres and contains two known porphyry prospects. Over the past 15 months, NRL has identified 18 new prospects, including one named Tang Kaur, which has advanced to the drilling stage.
According to Tabba, the company has completed 13 diamond drill holes totaling 3,517 metres, all of which intersected significant porphyry-style alteration, quartz vein sets, and sulfide mineralisation. Advanced drilling is scheduled for May 2025, with an internationally reviewed technical report expected by the end of the year.
The company also acquired a lead-zinc exploration license adjacent to a previously studied deposit and highlighted its high local employment ratio--above 90 percent--as part of its commitment to working with indigenous populations and promoting social development.
NRL said it is collaborating with the Balochistan government and the Special Investment Facilitation Council (SIFC) to secure two additional copper-gold exploration licenses in Chagai, backed by a dedicated USD 100 million exploration fund. A memorandum of understanding has also been signed with OGDCL to jointly develop new leases, Dawn reported.
The Pakistan Minerals Investment Forum 2025 is set to continue into Wednesday, with further sessions and announcements expected as Pakistan seeks to fast-track the development of its minerals sector. (ANI)