ISLAMABAD (ABC) – Pakistan has vast reserves of mineral wealth; however, there is a need to explore their exact quality and quantity in order to attract investment, Engineer Muhammad Yousaf, Miner and General Secretary of the Institute of Mining Engineers, Pakistan, said this while talking to WealthPK.
“When we discuss reserves, a multitude of factors are involved, such as proven, probable, possible, measured, indicated, and inferred resources. Before starting a mining operation, all these stages are there to meet.
At the inferred level, a mineral source is assumed through geological evidence without using any equipment or technique. It can be called a naked-eye estimation that can’t be verified technically and no quantification, quality, grading, or economic worth can be explained at this stage.
“The inferred reserves are further worked out, and sampling is done for reserve identification, which leads to measured reserves.
After this stage, a formal geological study is performed, and all the possible, probable, and proven reserves are ranked, respectively. This is the level at which a proper source and economic feasibility are developed, addressing a variety of possible queries related to quantity, quality, economic value, type of equipment, mining type (surface or deep), and required cost.
All the described levels represent exploration and development,” he explained.
Engineer Yousaf further said, “For the development of the mineral sector of any country, exploration is very important. It is called research and development in other departments while in mining, it is called exploration and development.
In Pakistan, it must be mandatory for the mining companies to invest at least 5% of their income annually only for exploration and development.
If they have at least a level of probable or proven reserves, the domestic or foreign investor will be interested in tying the business knots. So, exploration and development are keys to a sustainable mining sector in the country.”
Discussing with WealthPK the importance of categorically defining the mineral reserve estimation system in Pakistan, chief geologist of Balochistan-based Koh-e-Daleel Minerals Company (Pvt) Ltd Abdul Bashir said it was crucial to attract both local and foreign direct investment (FDI) in Pakistan.
Proper classification of mineral reserves will bring transparency and strength to the mineral sector and help build the confidence of investors. As a result, more work opportunities will take place.
He said, “A few outlines are necessary to draw to align the mineral sector of Pakistan according to the measure of international organizations like the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) or the Society of Economic Geologists (SEG).
Currently, it is important to ensure transparency and correct data provision so that Pakistan’s true mineral potential is exposed to the world.”
Talking to WealthPK about the need to collect and present the data on the available mineral resources, gemmologist and miner Imran Babar said, “In order to invite both the local and foreign investors, it becomes difficult to present the exact ground facts concerning the occurrence of any mineral and viability of associated minerals.
If this kind of data were presented at any nationally managed portal, it would advocate our true mineral potential.
Although experts, through their experience, can tell the possibility of any mineral and the approximate deposit size, it is not enough to present at any formal platform. The policymakers should consider this issue and plan a national policy to frame it.”