Pakistan

Quetta/Islamabad, December 22, 2025 – Finnish mining technology leader Metso has clinched contracts valued at approximately €70 million to supply cutting-edge beneficiation and dewatering equipment for the Reko Diq copper-gold mine in Balochistan, Pakistan. The orders, awarded by Reko Diq Mining Company (RDMC), follow a €200 million frame agreement signed in August 2024 and mark a key milestone in the development of one of the world’s largest undeveloped copper-gold deposits. Read More: https://theboardroompk.com/pibt-and-reko-diq-sign-landmark-agreement-to-enable-multi-billion-dollar-mineral-exports-from-pakistan/ The equipment package includes a complete flotation flowsheet featuring Metso’s TankCell mechanical flotation cells for rougher and cleaner scavenger stages, combined with innovative Concorde Cell units for ultrafine particle processing in cleaner scalper and recleaner duties. This hybrid technology aims to enhance metallurgical efficiency while lowering capital and operating costs, ideal for Reko Diq’s low-grade, high-throughput ore body.Additional supplies comprise four Larox PF60 series concentrate filters with auxiliaries, durable slurry pumps, five HRT High Rate Thickeners equipped with Reactorwell technology for optimized performance, and a advanced mill reline machine with safety-focused Auto-Grapple functionality to service the project’s large Premier ball mills. The Concorde Cell will integrate with previously ordered HIGmill regrinding mills from 2024.Antti Rinne, Vice President of Flotation at Metso, highlighted the strategic fit: “Metso’s large TankCell technology remains the baseline for the rougher circuit, while the cleaner circuit is optimised with Concorde Cell technology to bring increased metallurgical efficiency at reduced capital and operating costs.”Owned 50% by Canada’s Barrick Gold Corporation and 50% by the governments of Pakistan and Balochistan, Reko Diq is poised to transform Pakistan’s economy. After resolving a prolonged dispute in 2022, the project targets first production by late 2028, with an initial phase processing capacity leading to substantial copper and gold output over a 37-40 year mine life. Analysts project billions in revenues, job creation, and foreign exchange earnings, bolstering Pakistan’s mining sector amid global demand for critical minerals.The €40 million portion was booked in Metso’s Q3 2025 orders, with €30 million in Q4. This deal underscores international confidence in Reko Diq, following earlier equipment awards and financing commitments from institutions like the IFC and US EXIM Bank.

Islamabad, December 22, 2025 – Globacore Minerals Limited has entered into a significant joint venture agreement with Mari Minerals (Private) Limited, a wholly-owned subsidiary of Mari Energies Limited (formerly Mari Petroleum Company Limited), to explore minerals in Pakistan’s resource-rich Chagai district, Balochistan.Under the terms of the agreement, announced via a notice to the Pakistan Stock Exchange (PSX) by Fatima Fertilizer Company Limited – which holds a 32% equity stake in Globacore – Mari Minerals will transfer 49% of its working interest in two mineral exploration licenses, EL-322 and EL-323, to Globacore. These licenses, covering approximately 501 square kilometers, were originally granted to Mari Minerals (formerly Mari Mining Company) in 2024 by the Directorate General Mines and Minerals Balochistan.Mari Minerals will retain operatorship of the licenses and continue to lead exploration activities, ensuring operational continuity. The transfer is subject to necessary corporate, regulatory, and governmental approvals Read More: https://theboardroompk.com/world-bank-groups-ifc-provides-60m-yearly-liquidity-to-fatima-fertilizer-to-ensure-steady-fertilizer-supply-for-pakistani-farmers-amid-fx-challenges/ The Chagai district is known for its substantial potential in copper, gold, and other precious minerals, aligning with Pakistan’s push to develop its mining sector amid global demand for critical resources. Mari Energies has been actively diversifying beyond hydrocarbons into minerals, with previous acquisitions and partnerships in the same region, including stakes in other Chagai licenses and projects like the Siahdiq Copper Project.Fatima Fertilizer, a major player in Pakistan’s fertilizer industry with production plants in Multan, Sheikhupura, and Sadiqabad, views the development positively. “As a shareholder of Globacore, [we] view this development as a positive step in diversifying its portfolio and generating long-term value for its stakeholders,” the company stated.This joint venture underscores growing private sector interest in Balochistan’s untapped mineral wealth, potentially contributing to economic growth, job creation, and foreign exchange earnings. Analysts see it as part of broader efforts to attract investment in the mining sector, which has historically faced challenges related to security and infrastructure.No financial details of the transaction, such as investment commitments or valuations, have been disclosed. The partnership could pave the way for advanced exploration and eventual mining operations if commercially viable deposits are confirmed.

Islamabad, December 22, 2025 – A escalating conflict between Pakistan’s Ministry of Energy (Power Division) and K-Electric (KE), the private utility serving Karachi, has emerged over the processing of Tariff Differential Subsidy (TDS) payments. The disagreement centers on whether subsidies should be calculated based on KE’s original tariff determinations or the revised ones issued by the National Electric Power Regulatory Authority (NEPRA). Read More: https://theboardroompk.com/nepra-sets-rs22-98-kwh-flat-rate-to-boost-industrial-agri-electricity-use/ The TDS mechanism allows the federal government to bridge the gap between the higher actual cost of electricity generation and distribution charged to KE and the uniform national tariff applied to consumers, ensuring Karachi residents pay rates comparable to those in other parts of the country served by state-owned distribution companies (Discos). Historically, this has involved billions in annual subsidies, with past allocations reaching hundreds of billions of rupees to maintain equity and prevent tariff shocks.The current standoff stems from NEPRA’s review determinations issued on October 20, 2025, which revised KE’s multi-year tariff (MYT) for FY 2024-2030. These revisions, aimed at promoting regulatory consistency and reducing inefficiencies—such as excessive loss allowances and foreign currency-linked returns—effectively lowered KE’s allowable tariff by approximately Rs7.6 per unit in some components. The Power Division insists that TDS payments must align with these revised determinations to reflect the updated regulatory framework.However, KE has challenged the NEPRA revisions through constitutional petitions in the Sindh High Court (SHC). On November 4, 2025, the SHC issued interim orders prohibiting any coercive action to enforce the review tariffs, which KE interprets as a restraining order. In intense correspondence, KE’s CEO Moonis Alvi has argued that provisional TDS claims must be processed using the original (pre-review) tariffs, citing Clause 2.1 of the TDS Agreement. This clause mandates the use of preceding tariffs when a court restraining order is in place.Alvi emphasized in recent letters that by refusing to process claims based on original tariffs, the Power Division is indirectly enforcing the revised ones, violating SHC orders. He warned that such actions could amount to contempt of court, referencing legal precedents like Fakhurl Arfin v. FOP (2015) and Saifur Rehman v. Muhammad Ayub (1998). KE’s legal counsel, Dr. Farogh Naseem, echoed this, suggesting a Power Division letter dated December 8, 2025, risks contempt proceedings.Additionally, KE asserts that under Clause 2.6 of the agreement, only it can prepare TDS balance reports, and unilateral revisions by the Ministry are void. Even the agent bank, Habib Bank Limited, is bound by SHC orders, KE argues, stating: “What cannot be done directly, cannot be done indirectly.”The Power Division, through Deputy Secretary Abdul Mateen, has maintained its position on using revised tariffs, leading to stalled payments. While specific disputed amounts for the current period are not publicly detailed, the broader context involves significant sums—past TDS claims for KE have run into hundreds of billions, with delays impacting the utility’s liquidity and contributing to circular debt issues in the power sector.This dispute highlights ongoing tensions in Pakistan’s power sector reforms, where efforts to standardize tariffs and curb inefficiencies clash with legal challenges from privatized entities like KE. Prolonged delays in subsidy releases could strain KE’s operations, potentially affecting power supply reliability in Karachi, home to over 20 million people and a major economic hub. It also underscores the fiscal burden on the government, which allocates substantial budgetary resources for TDS to maintain uniform national tariffs.Analysts note that similar disputes have recurred, including mediation efforts in prior years over historic receivables and payables. Resolution may depend on SHC proceedings or renewed negotiations, but the impasse risks exacerbating circular debt and deterring investments in the sector.

ISLAMABAD, Dec 20: The Competition Commission of Pakistan (CCP) has released its “Competition Assessment Study of the Pesticide Sector in Pakistan,” noting that counterfeit and adulterated pesticides are widespread in Punjab and Sindh, damaging crops, causing major financial losses to farmers, and distorting competition in the market.The report reviews the structure, regulatory framework, and overall performance of the pesticide sector, highlighting significant gaps that undermine fair competition and quality assurance. The report notes that despite a large and expanding agricultural market, Pakistan has no local pesticide manufacturing and relies entirely on imports. Weak enforcement, regulatory gaps, and complex approval procedures continue to create hurdles for genuine businesses and expose farmers to low-quality products. Read More: https://theboardroompk.com/billboard-cartel-busted-ccp-raids-industry-bodies-and-agency-in-lahore/ Key Issues Identified  Fake and adulterated pesticides remain common in Punjab and Sindh, harming crops and hurting farmers. Pakistan fully depends on imported pesticides; no local manufacturing exists. High investment costs and long testing periods discourage domestic production. A strict two-year shelf-life rule results in wastage, even when products remain effective longer. Weak enforcement allows counterfeit suppliers to evade penalties. Provincial laboratories lack capacity and trained staff for reliable testing. Inspectors in Sindh face weak legal support, slowing prosecution. Overlapping federal and Punjab roles after the 18th Amendment cause delays in registration. The Form-1 approval process is lengthy and complicated. Some imported products are unsuitable for Pakistan’s climate. Misuse of pesticides by farmers leads to health, environmental, and export-quality problems.CCP Recommendations Review and revise the two-year shelf-life limit. Harmonize federal and provincial regulatory frameworks. Simplify and speed up the Form-1 registration system. Promote climate-appropriate and locally tested pesticide formulations. Strengthen inspections and legal enforcement against counterfeit products. Upgrade provincial laboratories and improve technical staffing. Support local manufacturing to reduce import dependence. Help agriculture graduates become licensed distributors. Align pesticide regulations with Sustainable Development Goals on food security, health, and climate resilience. The report concludes that stronger enforcement, improved coordination, and better regulatory clarity will enhance competition in the pesticide market, reduce risks for farmers, and support Pakistan’s broader agricultural and environmental objectives. The full study is available on the CCP website.

Karachi: The Sindh Chief Minister, Syed Murad Ali Shah, chaired a high-level meeting on the development and rehabilitation of infrastructure in Karachi’s industrial zones, approving a total funding of PKR 9.28 billion. The meeting saw participation from key industrial associations including KATI, SITE, BQATI, LATI/LITE, and other prominent organizations. Top Officials and Industry Representatives Attend The meeting was attended by Minister for Industry Jam Ikram Dharejo, Chief Secretary Asif Haider Shah, Karachi Mayor Murtaza Wahab, Principal Secretary to the Chief Minister Agha Wasif, Karachi Commissioner Hasan Naqvi, Additional Secretaries for Industry Tariq Qureshi and Zubair Motiwala, Chairman KITE Zahid Saeed, and presidents of major industrial associations. Read More: https://theboardroompk.com/pakistani-cement-sector-faces-november-slump-amid-export-challenges-and-domestic-slowdown/ Funding Allocation for Industrial Zones The Chief Minister approved the immediate allocation of funds for road and basic infrastructure repairs in industrial areas. The distribution, in consultation with the Mayor and Commissioner of Karachi, has been made based on need and fairness: SITE: PKR 2 billion Korangi: PKR 2 billion Landhi: PKR 2 billion North Karachi, FB Area, SITE Super Highway, and Bin Qasim: Remaining funds allocated with specific approvals: SITE Super Highway (Phase 1 & 2): PKR 700 million North Karachi & FB Area Associations: PKR 860.55 million Bin Qasim Association: PKR 1 billion The project will be fully financed through the Infrastructure Development Cess, and industrialists have been urged to ensure the release of funds through a Grant-in-Aid mechanism. The Chief Minister also instructed the Cabinet Finance Committee to finalize PC-1 approvals. Emphasis on Transparency and Economic Impact To ensure transparent implementation, the Chief Minister directed the establishment of an oversight committee. He emphasized that industrial development is crucial for employment generation, exports, and overall economic growth. Rehabilitation of industrial infrastructure is expected to reduce business costs and attract further investment, reinforcing Karachi’s status as an industrial hub.

An Anti-Terrorism Court (ATC) in Lahore on December 19, 2025, sentenced senior Pakistan Tehreek-e-Insaf (PTI) leaders Dr Yasmin Rashid, Omer Sarfraz Cheema, Ejaz Chaudhry, and Mian Mehmoodur Rasheed to 10 years in prison each in a case linked to the May 9, 2023, riots. Meanwhile, former foreign minister Shah Mahmood Qureshi was acquitted of all charges. Case Details and Charges The case, registered at Race Course Police Station, involves allegations of vandalism at Club Chowk and GOR Gate, including damaging security cameras, breaking police equipment, and attacking officials during protests following PTI founder Imran Khan’s arrest. The unrest saw widespread attacks on public and military properties nationwide. Read More: https://theboardroompk.com/imran-khans-sons-sound-alarm-irreversible-harm-feared-amid-total-silence-from-pakistan-jail/ Verdict and Trial Proceedings Judge Manzer Ali Gill pronounced the verdict inside Kot Lakhpat Jail after a trial featuring testimony from 56 prosecution witnesses. The court convicted seven accused while acquitting Qureshi and 13 others due to insufficient evidence. It also ordered the arrest of four proclaimed offenders. This marks the fifth conviction for the sentenced leaders in separate May 9-related cases, highlighting ongoing legal challenges for PTI figures amid accusations of inciting violence. The split decision underscores varying evidence strength against individual accused in the high-profile riots that gripped Pakistan in 2023.

Karachi: Engro has marked a historic milestone in Pakistan’s landscape with the execution of a Rs 133 billion transaction entirely through 100% Islamic financing, to grow its telecom infrastructure vertical. This funding has enabled the addition of Deodar (and its 10,000+ telecom towers) to Engro’s portfolio. This underscores Engro’s commitment to driving digital transformation while supporting Pakistan’s determination to fully transition to an Islamic banking system. A celebratory event brought together all participants of the transaction, including the presidents of banks, legal and financial advisors, Engro’s teams, and the Governor of the State Bank of Pakistan, Mr. Jameel Ahmed. He commended the collaborative effort and reiterated the State Bank’s vision for digital finance, emphasising the critical role of telecom connectivity in enabling financial inclusion. At the event, he said, “My congratulations to the Dawood family and Engro, the Islamic bankers and conventional banks (through their Islamic windows) on being able to put together a deal of this size. This is a great achievement which has been supported by the banks – but is also owed to the conviction of Hussain Dawood and his family in getting it funded through Islamic banking.” Read More: https://theboardroompk.com/kse-100-ends-the-week-on-a-strong-note-as-momentum-builds-toward-new-highs/ Engro’s leaders highlighted how this transaction is a step towards digital sovereignty and better usage of economic resources. Shared telecom infrastructure, where a single tower serves multiple mobile network operators (MNOs), offers a cost-efficient model which is essential for Pakistan. With each tower costing approximately USD 50,000, shared usage prevents duplication and frees resources for broader development initiatives. Furthermore, by ensuring that critical infrastructure is locally owned, Pakistan strengthens its ability to own and shape its digital future. The deal also reflects the depth and potential of Islamic financing in Pakistan. The unwavering support of participating banks, particularly UBL and Meezan Bank, demonstrates the strength of their long-standing relationships with Engro and the collective resolve to advance Shariah-compliant financial solutions. Chairman of Engro, Mr. Hussain Dawood, said at the occasion, “These incredible achievements have been brought about by the blessings of the Creator. He is the one who helped us make our decisions and created the environment to succeed – and we were able to achieve this transaction by demonstrating character-driven leadership.” This milestone is a reflection of Engro’s commitment to national priorities and progress. We are grateful for the trust and collaboration of all partners who made this deal possible, and we are honoured to play our role in advancing Pakistan’s digital and financial transformation.