Pakistan gold reserves: In a major stroke of luck for Pakistan, the cash-strapped nation has discovered massive gold reserve in the Indus river, estimated to be worth around Rs 80,000 crore, and has launched plans to extract this jackpot which could undoubtedly prove to be a major shot in the arm for its crumbling economy.
The discovery was reportedly made during a government-ordered survey in Attock district in Pakistan’s Punjab province, following which state-owned engineering consultancy firm, National Engineering Services Pakistan (NESPAK), and Mines and Minerals Department Punjab, jointly launched the Attock Placer Gold Project.
According to NESPAK Managing Director (MD), Zargham Eshaq Khan, the government-owned firm has signed a contract for “Consultancy Services for Preparing Bidding Documents and Transaction Advisory Services for Nine (09) Placer Gold Blocks along River Indus in District Attock,” as per reports in the Pakistani media.
The ambitious project is being described as a major milestone in the country’s mining sector, and tapping into opportunities in the Indus region could establish Pakistan as a major player in the global mining industry.
Earlier this year, reports emerged in Pakistani media that illegal gold mining operation had begun at the foothills of the Indus River near Nowshera in Khyber Pakhtunkhwa province near Attock following reports circulating on social media that a huge gold reserve was found in the region.
Local mining contractor thronged the area with their mining, but were denied permission by Punjab’s provincial government, due to which no mining was carried out.
According to geologists, the Indus River brings gold from the Himalayas in India, which gets deposited in Pakistan. Known as placer gold, the gold nuggets found in the river either flat or completely round, which proves that it was deposited their after travelling quite a distance.
The Indus valley region, home to the famous Indus Valley Civilization (IVC), is known to be a region abundant with natural resources such as rare earth minerals and precious metals like gold and silver. The IVC, which flourished in the Indus and Ghaggar-Hakra river valleys, was located in modern-day Pakistan and northwest India, according to archeologists.
Pakistan gold reserves are some of the lowest in South Asia. As per data released by the State Bank of Pakistan, Pakistan’s gold reserves were valued at $5,434.24 million, as of December 2024.
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