Finnish technology giant, Metso, has expressed interest in making a significant investment in Pakistan’s mineral sector, particularly copper mining, with plans to participate in the Reko Diq project.
The development came during a meeting between Piia Karhu, President of Minerals at Metso company, Finland, and Minister of State for Finance and Railways, Bilal Azhar Kayani, according to a press statement released on Monday.
“Discussions primarily centred on investment prospects in Pakistan’s mineral sector, with a strong emphasis on copper mining. Metso will supply modern mining technology and equipment and train the local human resources.”
Karhu shared their company’s plan of participating in the Reko Diq project by providing mining technology and services.
Meanwhile, Kayani highlighted the progress and future plans of ML-1 and ML-3 railway lines for the timely activation of the Reko Diq project, which is targeted for December 2028.
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Barrick Gold, a Canadian mining company, owns a 50% stake in the Reko Diq mine and the governments of Pakistan and the province of Balochistan own the other 50%.
The Reko Diq mine is considered one of the world’s largest underdeveloped copper-gold areas, and its development is expected to have a significant impact on Pakistan’s struggling economy.
The project, which was delayed due to a long-running dispute that ended in 2022, is expected to start production by the end of 2028.
Meanwhile, Kayani welcomed Metso’s future participation in economic activity.
Both parties agreed to hold a follow-up meeting with the Ministry of Railways’ technical experts to advance cooperation and investment prospects.
In a separate meeting, Metso’s delegation, alongside Hannu Ripatti, Ambassador of Finland to Pakistan, also met Federal Minister for Petroleum Ali Pervaiz Malik on Monday.
The meeting focused on Pakistan’s transformative agenda for its mineral sector and the burgeoning opportunities for international investment and collaboration.
Malik outlined the government’s vision, stating, “Pakistan is decisively shifting from primitive ways of mining to sophisticated, mechanised, and responsible mining. We have updated the regulatory setup of the minerals sector by bringing harmonisation in the mineral framework, ensuring our mining becomes globally competitive.”
He emphasised the critical role of the Reko Diq project, calling it the “torch bearer for Pakistan’s mineral sector,” and assured the delegation of the government’s full commitment to providing a stable and conducive environment for investors.
Meanwhile, Karhu confirmed Metso’s significant investment in Pakistan, saying, “Metso is now a significant supplier of equipment and services for the Reko Diq project, and we are now planning to expand to more mineral projects in Pakistan.”
She further announced Metso’s plans to invest in local talent, stating, “We also plan to train the local human resources, aligning with Pakistan’s goals for sustainable development and skill enhancement.”
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