US firm eyes rare earth investment

BOI assures Nova Minerals of facilitation as minister highlights potential in gold, mineral processing

ISLAMABAD:

Federal Minister for Board of Investment (BOI) Qaiser Ahmed Sheikh held a meeting with a delegation from Nova Minerals Ltd, a US-based mining exploration and development company listed on the ASX and NASDAQ, focusing on gold, antimony, and rare earth minerals.

During the meeting, Sheikh highlighted Pakistan's vast and largely untapped potential in the minerals and mining sector, emphasising that the country offers promising investment opportunities across multiple areas, particularly in the exploration and processing of high-value minerals.

According to an official statement issued on Thursday, Sheikh underscored that foreign investment in mining would not only unlock Pakistan's natural resources but also strengthen bilateral economic relations, promote technology transfer, and create opportunities for skill development and higher education exchanges, enabling Pakistani professionals and students to return with advanced expertise. He stressed that the government is committed to promoting value-added exports and aims to transition from raw mineral extraction toward local mineral processing and industrial upscaling. The BoI, he assured, will provide maximum facilitation to foreign investors and joint ventures.

During the discussion, the Nova Minerals delegation expressed strong interest in exploring investment opportunities in Pakistan's mineral and mining sectors, particularly in antimony and rare earth minerals. The company's representatives said Pakistan's geological diversity, government facilitation, and policy reforms make it an attractive destination for long-term investment. They also expressed interest in establishing technical collaboration, knowledge exchange, and feasibility studies to assess specific investment projects in partnership with local entities. Sheikh appreciated Nova Minerals' keen interest and reaffirmed that the government encourages responsible, technology-driven ventures that ensure sustainability and local value addition.