Pakistan Discovers Huge Gold Reserves, PM Shahbaz Sharif Sees Bright Future
Pakistan has uncovered significant reserves of gold, copper, and silver in Chagai, Balochistan, through National Resources Limited (NRL). The announcement came during the Pakistan Minerals Investment Forum 2025, attended by Prime Minister Shehbaz Sharif and Army Chief General Asim Munir. NRL, which began exploration in October 2023, identified 16 promising sites across a 500 sq km area.
Initial drilling at Tang Kore revealed copper content between 0.23% and 0.48%, gold at 0.09 to 0.14 grams per tonne, and silver at 1.3 to 6.21 grams per tonne. PM Shehbaz Sharif stated that these resources could help solve Pakistan’s financial challenges and position the country among the world’s top economies by attracting global investors for local processing. Further drilling is set for May 2025, with a detailed report expected by the end of the year. NRL, supported by a $100 million fund, is seeking additional licenses and has partnered with OGDC for expansion. The company is also committed to the local community, employing over 90% local workers and supporting initiatives in water, education, and healthcare.
Pakistan’s Economic Future with the Mineral Project
| Category | Current Situation (April 2025) | If Mineral Project Succeeds (Projected by 2030) |
|---|---|---|
| Current GDP | $341.3 billion (as of June 2023) | Estimated to grow to $500–600 billion, assuming mineral exports and investments boost the economy by 5–7% annually. |
| Global GDP Ranking | 44th (based on nominal GDP, as per recent global rankings) | Could rise to 30th–35th, surpassing countries like Vietnam and Bangladesh, due to increased mineral revenue. |
| National Debt | $264.4 billion (as of 2024, forecasted to increase to $411.29 billion by 2029 if unchanged) | Could reduce by 20–30%, potentially dropping to $180–200 billion, as mineral revenues help repay external loans. |
| Debt-to-GDP Ratio | 65.2% (as of June 2024, down from 72.3% in 2023) | Could decrease to 40–45%, aligning with healthier economic benchmarks, due to higher GDP and debt repayment. |
| Economic Situation | Stagnant growth (0% GDP growth in 2023), high inflation (23.4% in 2023–24), and import decline. | Potential for 5–7% annual GDP growth, reduced inflation to 6–8%, and increased exports through mineral processing. |
| Foreign Exchange Reserves | Critically low, leading to import challenges (reserves dwindled as of recent reports). | Could increase by $10–15 billion, as mineral exports bring in foreign currency, reducing reliance on loans. |
