Pakistan has successfully delivered its first batch of rare earth elements and critical minerals to US Strategic Metals (USSM) in the United States.
According to PRNewswire, in its first shipment, Pakistan has indigenously sourced and prepared antimony, copper concentrate, and rare earth elements with neodymium and praseodymium.
As per the report, Pakistan’s natural resources are estimated at around $6 trillion, making it one of the largest precious metals and rare earth minerals in the world.
“We see this as the first step in our exciting journey together with the Frontier Works Organisation (FWO) of Pakistan, to provide critical minerals to the United States and bolster economic trade and friendship between our two countries,” Stacy W. Hastie, CEO of USSM, stated.
Last month, Pakistan and the United States (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.
The MoU was signed between USSM and FWO.
Speaking about the MOU signing, US Chargé d’Affaires Natalie Baker said, “This signing is yet another example of the strength of the US-Pakistan bilateral relationship that will benefit both countries,” the embassy said in its press release back then.
USSM, based in the US state of Missouri, is focused on producing and recycling critical minerals, which the US Department of Energy has defined as essential in a variety of technologies related to advanced manufacturing and energy production.
Speaking about the importance of such bilateral agreements, CDA Baker added, “The Trump administration has made the forging of such deals a key priority given the importance of critical mineral resources to American security and prosperity. We look forward to seeing future agreements between US companies and their counterparts in the critical minerals and mining sector in Pakistan“.
Earlier, Prime Minister Shehbaz Sharif, while speaking to the media in New York regarding his recent meeting with the US President, said that Trump had directed American companies to immediately invest in Pakistan.
“He instructed US companies to immediately go to Pakistan and discuss investment opportunities,” said Shehbaz.
The prime minister shared that several joint ventures were also inked with American companies.
American Dollar Exchange Rate