Pakistan gold rates drop sharply by Rs10,900

Punjab Chief Minister Maryam Nawaz declared on Thursday that there is "significant evidence" of "sufficient quantities" of placer gold flowing in the province's five rivers. This statement was made during the Pakistan Minerals Investment Forum in Islamabad, an event aimed at leveraging Pakistan's mineral resources and enticing domestic and foreign investment in the mining sector.

The Deputy Prime Minister and Foreign Minister, Ishaq Dar, also participated in the forum, which was attended by the chief ministers of Balochistan and Sindh, as well as the Governor of KP, Faisal Karim Kundi.

Maryam emphasized that Punjab, known for its five rivers, is literally "drenched in gold," particularly in Mianwali and Attock areas. She described Pakistan as a "pot of gold", highlighting that its wealth lies both above and beneath the ground. She stated that the province's mines and minerals department's revenue has grown from Rs10 billion to Rs40 billion over the past two and a half years. "And it is just the beginning," Maryam added.

The chief minister also underscored the province's iron ore reserves, noting that Chiniot holds 261.5 million tonnes of the mineral. She said the provincial government is taking measures to facilitate investment in the mining sector and create a conducive environment for investors. She outlined the government's efforts to streamline procedures and eliminate bureaucratic delays, offering one-window facilitation to investors.

The provincial government is also providing substantial capital investments to reduce capital expenditure and prevent investors' finances from being tied up in expensive land purchases. Furthermore, the government is offering concessional financing of up to Rs5 billion and will provide solar-based energy solutions to help investors offset high energy and fuel costs.