ISLAMABAD: Pakistan’s efforts to attract foreign investment in strategicsectors received significant impetus on Wednesday with the announcement ofa major joint venture between a domestic exploration company and Americanfirm Nova Minerals for developing critical minerals.
Khurram Schehzad, Advisor to the Finance Minister, described thepartnership as evidence that Pakistan’s campaign to draw United Statesinvestment into its rare-earth deposits is gathering momentum.
In a statement shared on X, Schehzad explained that Himalayan EarthExploration (HEE), a Pakistani entity, has entered into a comprehensiveagreement with the US-listed Nova Minerals covering the entire value chainfrom exploration to trade.
The collaboration will focus on joint exploration, mining operations,establishment of local processing facilities, workforce training, andinternational marketing of finished products.
Schehzad highlighted Pakistan’s substantial untapped reserves of rare-earthelements and other strategic minerals, positioning the countryadvantageously amid global efforts to secure reliable supplies for advancedtechnology, semiconductor manufacturing, and defence applications.
A key objective of the venture is to prioritise in-country processingrather than raw ore exports, a strategy expected to create high-skilledemployment, foster domestic industrial growth, and substantially increaseforeign exchange earnings.
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The initiative will commence with an initial investment of $100 million,followed by phased capital commitments as projects advance throughexploration, mining, and processing stages.
Officials believe the partnership will open sustained channels forlong-term American capital inflows into Pakistan’s mining and mineralssector.
Source: https://x.com/KhurramSchehzad/status/1859182734610272719
