The government added the Pakistan Minerals Development Corporation (PMDC) to the active privatisation programme after the Privatisation Commission Board approved its inclusion during a review of state-owned enterprises (SOEs), an official release said on Monday.
The PMDC was among three SOEs approved for inclusion in the privatisation programme. Other two include the Saindak Metals Limited (SML) and the National Insurance Company Limited (NICL).
In its 243rd meeting, the board recommended the addition of three SOEs to the active privatisation programme and advised the delisting of two SOEs, based on the recommendations of the board’s investment committee.
“The Investment Committee of the Privatisation Commission carried out a detailed evaluation of the 15 SOEs referred to the Commission by relevant ministries for inclusion in the privatisation programme.
“Based on the recommendations of the Investment Committee, the PC Board cleared Saindak Metals Limited (SML), Pakistan Minerals Development Corporation (PMDC), and National Insurance Company Limited (NICL) for inclusion in the Privatisation Programme. The remaining 12 SOEs were found not viable for privatisation by the Investment Committee and were, therefore, not approved by the Board for inclusion in the privatisation programme.
“The Board also recommended the delisting of Sindh Engineering Limited (SEL) and the Utility Stores Corporation (USC) from the Privatisation Programme. SEL has remained non-operational since 2007–08, and its only tangible assets comprise litigation-encumbered land. In the case of USC, operations have already ceased following a government decision, and the Corporation’s liabilities significantly exceed its assets,” the Privatisation Commission said.
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The PC board said the privatisation programme would remain anchored in the government’s broader SOE reform and fiscal consolidation framework, with decisions guided by “transparency, market feasibility, and protection of the public interest”.
The board emphasised that only those entities meeting viability and transaction-readiness criteria would be pursued for privatisation, and the administrative ministries might pursue alternate options, including liquidation, for SOEs not found viable for privatisation.
Pakistan Minerals Development Corporation
As a successor of the Pakistan Industrial Development Corporation (PIDC), the Pakistan Mineral Development Corporation was established in 1974. Since then, it has operated in an autonomous capacity under the administrative control of the Ministry of Energy (Petroleum Division).
According to the information available on PMDC website, the corporation has been the official and formal channel between salt traders ever since its formulation in the 1970’s. The chief objective behind establishment of this facility was to examine and expand the techno-economic prospects of mineral mining, inside Pakistan with relative feasibility.
Pakistan’s push to attract investment in minerals, mining sectors
Pakistan has expanded its international push to attract investment in its minerals and mining sectors, , with recent engagements with the US, France, and Germany as Islamabad seeks technology, expertise, and long-term partnerships to unlock its resource potential.
In September this year, Pakistan and the US signed a memorandum of understanding (MoU) worth $500 million to strengthen cooperation in the critical minerals sector, marking a step toward deeper economic and strategic engagement between the two countries.
Later in October, Pakistan delivered its first batch of rare earth elements and critical minerals to US Strategic Metals (USSM) in the US.
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