ISLAMABAD: A potential discovery of Rs800 billion worth of gold reserves in Punjab’s Attock district has sparked excitement across Pakistan.
Announced by former Punjab Minister for Mines and Minerals Ibrahim Hassan Murad on X (formerly Twitter), the claim has been described as a “groundbreaking” moment for the country’s mineral wealth.
The Geological Survey of Pakistan (GSP) reportedly confirmed the presence of 2.8 million tolas of gold – equivalent to 32.66 metric tonnes – along a 32-kilometre stretch after sampling from 127 sites. While this discovery has raised hopes of economic revival, official confirmation from the federal government remains pending.
Economic lifeline for Pakistan?
The potential discovery could be a game changer for Pakistan, which is grappling with an economic crisis marked by inflation, unemployment, and mounting debt exceeding $350 billion. Murad emphasised the transformative potential of the reserves, suggesting they could bolster revenue streams, create jobs, and reduce dependence on foreign financial assistance.
Gold particles have long been found in the Indus River by locals, especially during the winter when water levels recede. However, the newly identified reserves in Attock represent a more concentrated and lucrative opportunity for extraction, potentially elevating Pakistan’s standing in the mining sector.
Corroborating the claim, the current provincial Minister for Mines and Minerals, Sardar Sher Ali Gorchani, disclosed that the study of these deposits has been underway since last year, with plans to involve firms like Nespak for further evaluation.
Initial estimates place the reserves’ market value between Rs600 billion and Rs800 billion, depending on global prices.
Preventing illegal mining
To safeguard the reserves, the Punjab government has imposed Section 144, curbing unauthorised access and illegal mining activities in the area. Gorchani further shared that an international auction to allocate mining rights is expected within a month, with cabinet approval of the regulations underway.