NRL CEO says Pakistan’s mining sector can help unlock $8bn revenue by 2030

KARACHI: “Pakistan’s mining sector could see revenue triple to USD 6–8 billion by 2030, up from USD 2 billion at present, if the country leverages its vast reserves.

“This was the central message delivered by Shamsuddin A Shaikh, CEO of National Resources Limited (NRL), in his keynote address at the Natural Resources & Energy Summit 2025, held at local hotel here on Wednesday.

“Pakistan’s mining sector contributes barely 0.15 percent of global mineral output and just 2–3 percent of national GDP, yet we sit on one of the world’s richest mineral belts. Out of 92 known minerals, nearly 90 percent remain unexplored,” said Shaikh.

“If we fail to move quickly, others will step in. This is the time for Pakistani companies and investors to lead through joint ventures and partnerships, creating wealth and jobs at home.”

He highlighted the major projects already in motion, including Reko Diq, which alone could generate USD 4–5 billion annually, Siah Diq (USD 1–2 billion), Thar coal expansion (USD 200 million), and barite, lead and zinc projects (USD 100 million). Together, these developments are expected to add billions of dollars in annual revenue within the next five years. Beyond 2030, further copper and gold exploration in the Chagai region could generate another USD 5–10 billion annually.

Shaikh stressed that responsible mining can deliver not just economic gains but also social uplift, bringing jobs, housing, health, and education to impoverished regions. “Mining is not just about extracting minerals — it is about building communities, eradicating poverty, and transforming neglected areas into growth engines for Pakistan,” he said.

Other speakers at the summit echoed this vision. Hassan R Muhammadi, Founder & Director of Fidelity Insurance Brokers Pvt Ltd, described the mining and energy sectors as “engines of growth that can create jobs, enhance energy security, and earn foreign exchange.”

He emphasised that the insurance sector is ready to support investors with risk solutions that encourage both foreign and local participation.

Khurram Ali Khan, CEO of Fidelity Insurance Brokers Pvt Ltd, underscored the critical role of insurance in sustaining billion-dollar projects.

“In volatile environments, insurance provides the safety net that keeps projects moving and investors confident,” he said.

Muhammad Sohail Tabba, Chairman of Lucky Cement and Lucky Core Industries, pointed to the broader socio-economic benefits of mining.

“Pakistan’s rural provinces hold immense untapped potential. Developing these resources, while simultaneously investing in education and capacity-building, can bring prosperity, stability, and peace to entire regions,” he noted.

Speakers also cautioned that without parallel investment in governance, regulation, and human resource development, the sector’s potential could be undermined. Challenges ranging from inconsistent policies to climate-related risks require careful management, with technology and innovation playing an increasingly central role.

The Natural Resources & Energy Summit 2025, themed “Powering Progress: Risk, Resilience, and Innovation in Energy and Emerging Resource Sectors,” brought together policymakers, investors, CEOs, insurers, and international experts. Discussions focused on how mining and energy could become central pillars of Pakistan’s economic future, supported by specialized insurance mechanisms and the adoption of cutting-edge technologies such as artificial intelligence.

Copyright Business Recorder, 2025