Canadian miner Barrick Gold’s overall proven and probable gold reserves jumped 23 per cent to 17.4 million ounces at the end of 2024, lifted by its Reko Diq copper-gold project, the company said on Thursday. The company added 13 million ounces of gold to its probable reserves on an attributable basis following the completion of its feasibility study at Reko Diq. Barrick owns a 50pc stake in the
The State Bank of Pakistan (SBP) foreign exchange reserves increased by $46 million during the week ended on Jan 31 after witnessing a decline in the two preceding weeks. This latest increase pushed the SBP forex holdings to $11.42 billion. The State Bank regularly buys dollars from the interbank market. However, the SBP did not mention the sources of the inflows that helped the reserves increa
Prime Minister Shehbaz Sharif has emphasised that privatising state-owned enterprises (SOEs) was integral to the Uraan Pakistan economic reform and transformation initiative. Mr Shehbaz was chairing a review meeting on the task management system established for the privatisation process of SOEs and its monitoring, according to a statement issued by the Prime Minister’s Office on Thursday. He
Petroleum Minister Dr Musadik Malik on Thursday warned of ‘isolated bankruptcy’ in the petroleum sector unless a weighted average price of imported, piped and wellhead gas was introduced along with rationalised electricity rates to incentivise transition for transport, cooking and heating purposes. Testifying before the National Assembly’s Standing Committee on Petroleum, Mr Malik also blamed t
Global credit rating agency Fitch on Friday acknowledged Pakistan’s progress when it came to making headway regarding economic stability. In a note, the agency said, “Pakistan has continued to make headway restoring economic stability and rebuilding external buffers.” Last year, the agency had upgraded Pakistan’s long-term foreign-currency issuer default rating (IDR) to CCC+ from CCC on the