 "Pakistan has discovered vast gold reserves in the Indus River amid reserves dropping to $5.43 billion as of December 2024. Reuters")
Pakistan has unearthed significant gold reserves in the Indus River, valued at approximately Rs 80,000 crore, according to a report.
According to a Dawn report, the discovery was made through a government-commissioned survey in the Attock district of Punjab province.
This find has prompted plans for extraction, potentially providing a vital boost for the cash-strapped country, added the report.
The mining project will be led by the state-owned National Engineering Services Pakistan (NESPAK) and the Mines and Minerals Department of Punjab, marking a significant milestone for the country’s mining industry.
“Consultancy services needed for preparing bidding documents and transaction advisory services for nine placer gold blocks along River Indus in district Attock,” Dawn News quoted Zargham Eshaq Khan, managing director of NESPAK, as saying.
Geologists suggest that the Indus River carries gold deposits from the Himalayas, which have accumulated as placer gold or nuggets in what is now Pakistan. Due to the river’s flow, these nuggets are often flat or rounded, reported Dawn.
The Indus River valley is rich in minerals and is seen as a source for gold and other precious metals.
According to a report by the Express Tribune, the State Bank of Pakistan valued the nation’s gold reserves at $5.43 billion as of December 2024.
Amid falling foreign exchange reserves and a weakening currency, developing these gold reserves could provide vital financial support.
Impact Shorts
More ShortsIf successful, this mining project could significantly boost Pakistan’s gold production and enhance its standing internationally. The next few months will be crucial in determining whether this discovery translates into economic benefits or remains an untapped resource for the country.
With inputs from agencies