Pakistan's massive gold discovery, What's the truth

Lahore: News of gold discovery worth an estimated Rs800 billion has taken the social media by storm. However, Pakistan's Federal government or the Foreign Office has not so far confirmed the reports about the gold discovery.

Various newspapers and social media channels carried the news based on a tweet by the former provincial Mines and Minerals Minister of Punjab Ibrahim Hassan Murad who claimed that discovery of 2.8 million tolas of gold, spread across a 32-kilometer area, had been confirmed by the Geological Survey of Pakistan (GSP).

"This revelation underscores the immense potential of Punjab’s mineral wealth, which could play a pivotal role in the region’s economic growth," Murad wrote. He added that this milestone would pave the way for new opportunities for future generations.

The discovery has also been corroborated by the current provincial Minister for Mines and Minerals, Sardar Sher Ali Gorchani, who confirmed the presence of 2.8 million tolas of gold.

Urdu Daily Jang quoted Gorchani stating that the government had been working in collaboration with the Geological Survey of Pakistan to study the gold deposits. The research has been ongoing since last year, he confirmed.

To further assess the value of the reserves, Gorchani explained that the government plans to bring in firms such as Nespak for additional evaluation. The minister estimated the market value of the gold at Rs600-800 billion based on global prices.

Area secured

In a move to safeguard the precious resources, the provincial government beefed up security in the area to prevent theft from the mining sites. Gorchani also revealed that an international auction for the gold deposits is scheduled to take place in a month.

The discovery of such a substantial gold reserve marks a transformative moment for Pakistan’s mining sector, promising potential economic benefits and the creation of new jobs and industries