Australia looks for mining ventures

Minister proposes inter-governmental agreement for long-term cooperation

ISLAMABAD:

Federal Minister for Petroleum Ali Pervaiz Malik held a meeting on Tuesday with new Australian High Commissioner Timothy Kane to discuss avenues for enhanced bilateral cooperation in the mining and gemstone sectors.

The federal minister welcomed the strong interest of Australian companies in Pakistan's mining sector and highlighted the country's immense untapped mineral potential, particularly in the Tethyan Belt. He proposed the possibility of an inter-governmental agreement between Pakistan and Australia to promote structured and long-term cooperation in the mining sector.

Malik also underscored the government of Pakistan's efforts to develop and formalise the gemstone sector, which had the potential for value addition, exports and employment generation.

The high commissioner noted that Australian companies were already actively involved in the Reko Diq copper and gold mining project and more Australian firms had shown keen interest in joining the project. He stated that Australian companies would be encouraged to participate in the Pakistan Minerals Investment Forum (PMIF), expressing hope for a strong Australian presence at this year's event.

Highlighting the growing global importance of copper and gold for energy transition, the high commissioner observed that Pakistan's mining sector had attracted significant international attention. He expressed optimism for collaboration in the gemstone sector through knowledge exchange, training and technical assistance.

The petroleum minister appreciated Australia's willingness to support Pakistan in its journey towards formalising the mineral sector, terming such cooperation reassuring and timely. He recalled his recent visit to Australia for the International Mining and Resources Conference (IMARC), during which fruitful discussions were held with leading and junior Australian mining companies on investment and cooperation opportunities in Pakistan's minerals sector.

Both sides reaffirmed their commitment to strengthening Pakistan-Australia cooperation in mining and gemstones for mutual benefit.