‘Exciting chapter’: Pakistan ships first consignment of rare earth minerals to US
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Islamabad: US Strategic Metals (USSM) has sent to the US its first consignment of mineral samples including antimony, copper concentrate, among others, sourced from Pakistan.
The delivery of minerals comes days after it signed a Memorandum of Understanding (MoU) with Pakistan in September, News agency ANI reported.
The American firm will invest nearly $500 million to set up mineral processing and development facilities in Pakistan.
Pakistan newspaper Dawn reported that the shipment of rare earth minerals to the US marks a new phase in the strategic and economic partnership between two countries.
Citing sources in Washington, the outlet called the shipment a crucial step for Pakistan to be integrated into global supply chain, a key sector for industrial growth and national security worldwide.
The shipment, arranged in coordination with the Frontier Works Organisation (FWO), also includes neodymium and praseodymium.
Calling the shipment a ‘milestone’ in the strategic and economic relations between two countries, US Strategic Metals (USSM) said the MoU opened a ‘roadmap’ for cooperation between two countries for exploration, processing and establishment of refineries inside Pakistan.
The development, according USSM CEO Stacy W Hastie, ‘opens an exciting chapter of collaboration between USSM and Pakistan's Frontier Works Organisation, aimed at expanding trade and deepening friendship between our two countries’.
It is reported citing Dawn that the agreement will help Pakistan generate billions in revenue alongside creating employment, enabling technology transfer.
Pakistan has mineral reserves worth around $6 trillion remain untapped making it the richest in natural resources.
Its collaboration with Pakistan will help the US reduce its dependency on external suppliers currently dominating the global mineral market.
Pakistan's opposition party, the Pakistan Tehreek-e-Insaf (PTI) sought the government to release details of its ‘secret deals’ with Pakistan.