ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh chaired a meeting here at Finance Division with the delegation of Fortescue Metal Group Ltd Australia led by Andrew Forrest, Chairman of the Group, said a press release issued on Monday.

The chairman thanked the adviser for his time and providing an opportunity to discuss business prospects between Pakistan and the Australian-based company.

The chairman briefed the advisor that his company, Fortescue, founded in 2003, has discovered and developed major iron ore deposits and constructed the most significant mines in the world.

They have grown to be one of the largest global iron producers and are focused on the vision of being the safest, lowest cost and most profitable mining company.

He also shared that the company has significant presence in the markets of China, Japan, South Korea, India, Ecuador, Colombia, Chile, Peru, Portugal and Kazakhstan. Currently the company is consistently shipping around 170 million tons of iron ore per annum; he further added that Fortescue is seeking to expand globally through identification, evaluation, development and delivery of energy projects including large hydropower facilities and green industry.

The advisor welcomed the delegation and said that Pakistan's unique location makes it the best potential destination for foreign investment.

He said that Pakistan has one of the biggest coal reserves located in Thar and there are rich copper and gold resources available in the country.

He shared that the country has the best locations for solar power generation and up to 80,000 MWs of hydel electricity production potential is available in the country. -PR

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