Pakistan signs $500m deal with US to unlock mineral wealth

ISLAMABAD: Pakistan on Monday signed a $500 million deal with US giant US Strategic Metals (USSM) to unlock its hidden treasure trove of minerals, setting the stage for a potential shift in global supply.

The high-profile signing at the Prime Minister’s House drew top officials from both countries, signaling a bold leap in Pakistan-US relations. Acting Deputy Chief of Mission Zach Harkenrider and USSM leaders sealed the MoU with Pakistan’s Frontier Works Organization (FWO), with both sides hailing it as a “game-changing” partnership.

US Chargé d’Affaires Natalie Baker called the deal “evidence of the powerful bond between our nations,” highlighting that key minerals such as copper, gold, and rare earth elements are the backbone of modern technology and global power.

Pakistan, sitting on vast untapped reserves, is poised to export antimony, tungsten, gold and copper while also developing domestic processing and infrastructure, which could transform its economy.

Adding further fuel to the frenzy, Pakistan’s National Logistics Corporation has signed another MoU with global construction titan Mota-Engel Group, pledging massive investments in construction, logistics and tech transfer.

This is just the opening chapter of an international scramble for Pakistan’s minerals, with billions more expected to follow. Analysts say the nation is now emerging as a major player in the global race for the raw materials that power the world’s most advanced technologies.