According to an official statement issued yesterday, the government has included the Pakistan Minerals Development Corporation (PMDC) in the active privatization program. Earlier, the Privatization Commission Board had approved its inclusion during the review of state-owned enterprises (SOEs).
PMDC is among the three state-owned entities approved for inclusion in the privatization program. The other two are Saindak Metals Limited (SML) and National Insurance Company Limited (NICL).
In its 243rd meeting, the Board recommended the inclusion of these three SOEs in the active privatization program and, based on the Investment Committee’s recommendations, advised removing two SOEs from the list.
The Privatization Commission stated that its Investment Committee carried out a detailed review of 15 SOEs submitted by relevant ministries for inclusion in the privatization program.
Based on the committee’s recommendations, the PC Board approved the inclusion of Saindak Metals Limited (SML), Pakistan Minerals Development Corporation (PMDC), and National Insurance Company Limited (NICL) in the program. The remaining 12 SOEs were deemed unsuitable for privatization, so the Board did not approve their inclusion.
The Board also recommended removing Sindh Engineering Limited (SEL) and Utility Stores Corporation (USC) from the privatization list. SEL has been non-operational since 2007–08, and its only notable assets—land holdings—are entangled in court cases. In the case of USC, its operations have already ceased following a government decision, and its financial liabilities far exceed the total value of its assets.
The PC Board stated that the privatization program would remain aligned with the government’s broader SOE reform agenda and fiscal stability framework. Decisions will be based on “transparency, market suitability, and protection of public interest.”
The Board emphasized that only those enterprises meeting suitability and transaction readiness criteria would move forward for privatization, while administrative ministries may consider alternative options—including liquidation—for unsuitable SOEs.
Pakistan Minerals Development Corporation
Established in 1974 as the successor to the Pakistan Industrial Development Corporation (PIDC), the Pakistan Minerals Development Corporation operates autonomously under the administrative control of the Ministry of Energy (Petroleum Division).
According to the information available on PMDC’s website, the corporation has served as the formal and official channel among salt traders since the 1970s. Its primary objective has been to assess and promote the techno-economic prospects of mineral exploration within Pakistan.
Pakistan’s Push to Attract Investment in Minerals and Mining
Pakistan has accelerated its international efforts to attract investment in the minerals and mining sectors, strengthening ties with the United States, France, and Germany, as Islamabad seeks technology, expertise, and long-term partnerships to unlock its resource potential.
In September this year, Pakistan and the United States signed a $500 million Memorandum of Understanding (MoU) to enhance cooperation in the critical minerals sector—a major milestone in their economic and strategic relations.
Later, in October, Pakistan delivered its first shipment of rare earth elements and critical minerals to the U.S. Strategic Metals (USSM) in America.
