Australia and Pakistan are planning to collaborate on delivering specialised training programs to introduce new mining techniques and services, according to several news sites.
The discussions happened during a meeting between Pakistani Federal Minister for Petroleum Ali Pervaiz Malik and Australian High Commissioner Neil Hawkins at the Ministry of Petroleum.
They focused on the expansion of a bilateral cooperation in energy and mining.
“Pakistan values Australia's advanced mining capabilities and technical knowledge. We welcome partnerships that build local capacity and attract investment in our mineral and energy sectors,” Malik said.
Analysts from BMI, a Fitch Solutions company, predict Pakistan’s mining sector will experience “meaningful growth” over the next 10 years. They believe the Reko Diq copper-gold project will play a huge role in the sector’s development.
Reko Diq was discovered in the early 1990s through a joint venture between the Geological Survey of Pakistan and Australian mining giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP) when it was still BHP Billiton.
Currently, half of Reko Diq’s interest is held by Barrick Mining (TSX:ABX,NYSE:B), with the remaining half split equally between three federal state-owned enterprises and the Balochistan government.
The project is expected to begin production in 2029 to 2030.
A wave of mineral exploration activity in Pakistan is also anticipated over the coming years given commodity price increases and investments from the likes of mainland China and Saudi Arabia.
Over the last decade Australian investment in Pakistan has declined, but Hawkins’ talk with Malik confirmed renewed interest and the recognition of its potential to grow and generate profit.
This interest also highlights promising resource areas such as Balochistan (where Reko Diq is located), as well as Gilgit-Balistan and Azad Kashmir known for their copper, uranium and lithium potential.
Aside from mining, Australia is also collaborating with Pakistan to support the Indus River System Authority (Irsa) with modern telemetry and assessment tools, highlighting water resource management.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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