Pakistan discovers gold reserves worth ₹80,000cr in Indus River
What's the story
Pakistan has discovered huge gold reserves in Indus River, worth an estimated ₹80,000 crore.
The discovery was made during a government-commissioned survey in Punjab's Attock district.
The find has sparked plans for extraction, promising financial relief to the cash-strapped nation.
The mining project will be led by the state-owned National Engineering Services Pakistan (NESPAK) in collaboration with Punjab's Mines and Minerals Department.
Project leadership
NESPAK to oversee mining project
Confirming the company's involvement in this landmark mining project, Zargham Eshaq Khan, the managing director of NESPAK, said their consultancy services are required "for preparing bidding documents and transaction advisory services for nine placer gold blocks along River Indus in district Attock."
The project marks a major milestone for Pakistan's mining industry. The Indus River valley is rich in minerals and is believed to be a potential source of gold and other precious metals.
Geology explained
Gold deposits in Indus River traced back to Himalayas
Geologists believe the gold deposits discovered in the Indus River probably came from India's Himalayan region.
The river's current has swept these gold particles downstream, where they deposited as placer gold or nuggets.
Over time, due to extensive flow down the river, these nuggets have become either flat or fully rounded.
This geological process has turned the Indus River into a hidden treasure trove for Pakistan.
Economic impact
Gold reserves could bolster Pakistan's economy
Pakistan's economy is reeling under high inflation, falling foreign reserves, and a depreciating currency. The discovery of these gold reserves could give the country much-needed financial support.
If successful, this mining venture could boost Pakistan's gold production significantly and improve its international standing.
However, the coming months will be crucial in determining if this discovery translates into economic benefits or remains an untapped resource for the country.
Illegal mining
Government intervenes to prevent illegal mining
Even before the official start of mining, rumors of gold deposits triggered a wave of illegal digging.
Miners and contractors rushed to areas like Nowshera in Khyber Pakhtunkhwa, hoping to find gold.
However, the Punjab government promptly stepped in to prevent unregulated mining and ensure all extraction was done legally under strict supervision.
This quick action highlights the high demand for gold and the risks of uncontrolled mining.
Future prospects
Successful mining could reduce reliance on gold imports
Pakistan's gold project is promising but challenging. If handled properly, it could lessen reliance on imported gold and bolster the country's reserves.
But large-scale mining demands huge investments, strict oversight, and strong infrastructure. Luring investors will be the key to making this project successful.
Proper planning and environmental safeguards will be crucial to avoid exploitation and ensure long-term gains from this newly discovered resource.