An Italian group has shown keen interest to invest in Pakistan's mine and mineral sector and an agreement in this regard would be signed early next month.
Sources in the Sindh mines and mineral department told Business Recorder the Carrara group from Italy is coming next month to assess the potential of natural resources in Pakistan. During the visit, the group would sign a memorandum of understanding (MoU) with the authorities.
Sources said the group made the offer to Pakistani entrepreneurs in an exhibition in Italy after a detailed study of granite samples.
The Sindh mines and mineral department through the Export Promotion Bureau had participated in the Italian granite exhibition in this month. Pakistani entrepreneurs displayed six samples of granite. A number of foreign investors visited the stalls and had shown keen interest in pink and blue varieties of the granite, sources said.
They said about 52 countries participated in the exhibition and they set up about 1500 stalls in the exhibition. When contacted, Sindh mines and mineral department director-general Sohail Akbar Shah said Pakistan has rare quality of stones in the world that has vast potential to attract foreign investment.
He said the government was planning to lure foreign investments for exploration and setting up plants in the mines and mineral sector, specially in Sindh, where approximately one billion tonnes of granite had been identified.
In this regard the department had participated in the Italian exhibition and displayed six samples of granite. The quality of Pakistani granite attracted several foreign investors because of the rare quality of granite, he said.
He said: "Our focus was on Italian investors because Italy is the world leader in marble, granite and stone sector and has expertise in the industry. The Italians are also equipped with modern technology for mine exploration."
The granite rock formation is found in the Nagarparkar region of Thar.
These formations are 1450 to 1500 feet high and cover an area of about 40 square miles with an estimated one billion tonnes of granite reserves. The granite is available in a variety of colours and textures.
The Sindh government has allocated Rs 32 million in this fiscal year to carry out a feasibility report of the exploration. The report would contain study of the area, shades of granite (pink, blue, grey, etc), financial study of the project, he said.
The purpose of the report was to sort out exact reserves in the province because past studies gave estimations but did not define the actual quantity and locations, he said.