'Local investors must step into mining'
Pakistan, the modern inheritor of the Indus Valley Civilisation that pioneered the use of copper and bronze 5,000 years ago, is seeking to revive this legacy by inviting international investors to develop its untapped mining industry. Experts have urged local investors to collaborate with global partners to unlock the sector's estimated $2 to $8 billion potential by 2030 and ensuring the country fully harnesses its vast mineral resources while safeguarding against possible predatory practices by international players.
The mining sector is on the cusp of transformation, with revenues projected to grow from $2 billion to $6-8 billion by 2030 if the country seizes the opportunity to tap its vast reserves, said Shamsuddin A Shaikh, CEO of National Resources Limited (NRL). He was speaking at the Natural Resources & Energy Summit 2025, held at the Pearl Continental Hotel.
Shaikh said Pakistani investors, industrialists, and businessmen must step forward to build local expertise and prevent foreign exploitation. He stressed that international investment is important as it brings capital and modern technical skills Pakistan lacks. But he dismissed the idea that mining is too large for locals to invest in or operate.
"We find copper products in Mohenjo-Daro ruins, which means our people had mastered the art of extracting and refining copper more than 5,000 years ago... why can't we do it today?" Shaikh asked while speaking to The Express Tribune on the sidelines of the event.
Pakistan's mining sector contributes barely 0.15% of global mineral output and 2-3% of GDP, despite being part of one of the world's richest mineral belts. Out of 92 known minerals, almost 90% remain unexplored, said Shaikh. "If we fail to move quickly, others will step in," he said, urging companies to lead joint ventures that create jobs and wealth at home.
He pointed to major projects already in motion. Reko Diq alone could generate $4-5 billion annually, Siah Diq $1-2 billion, Thar coal expansion $200 million, and barite, lead, and zinc projects $100 million. Together, these could add billions to annual revenue in five years. Beyond 2030, further copper and gold exploration in Chagai could generate another $5-10 billion annually.
Shaikh stressed that responsible mining could bring social as well as economic gains, providing jobs, housing, health, and education to poor regions. "Mining is not just about extracting minerals – it is about building communities, eradicating poverty, and transforming neglected areas into growth engines for Pakistan," he said. "This time it's not just a moral or legal matter, but one related to functionality; if we want mining projects to succeed, we must take care of the welfare of the local people in those areas," he added.
Other speakers echoed this vision. Hassan R Muhammadi, Founder and Director of Fidelity Insurance Brokers Pvt Ltd, described the mining and energy sectors as "engines of growth that can create jobs, enhance energy security, and earn foreign exchange." He said the insurance sector is ready to support investors with risk solutions that encourage both foreign and local participation. Khurram Ali Khan, CEO of Fidelity Insurance Brokers Pvt Ltd, highlighted the role of insurance in sustaining billion-dollar projects. "In volatile environments, insurance provides the safety net that keeps projects moving and investors confident," he said.
Muhammad Sohail Tabba, Chairman of Lucky Cement, stressed that Pakistan's resources are "unmatched but largely untapped," citing Reko Diq as the best example. "Nowhere does Pakistan's promise shine brighter than Reko Diq, expected to generate tens of billions of dollars, create thousands of jobs, and give our people the confidence that their future lies here," he said.