Islamabad: Kazakhstan’s Elaman Group has completed preliminary studies in Gilgit-Baltistan and identified strong potential for placer gold exploration, announcing its intention to make an initial investment of USD 20 million, with additional funding planned in subsequent phases.
The commitment was conveyed by an Elaman Group delegation during a meeting with Pakistan’s Minister for the Board of Investment (BOI), Qaiser Ahmed Sheikh, in Islamabad on Thursday. Discussions focused on investment opportunities in Pakistan’s mining sector, particularly placer gold mining in Gilgit-Baltistan.
The delegation, led by Azamat Utegenov, founder and managing partner of the Elaman Group, included senior officials responsible for strategic development, production, and geological assessment. During the meeting, they highlighted the group’s experience, priority areas of activity, and prospects for expanding investment cooperation, including potential joint projects in Pakistan.
According to a press release, the engagement marks a key step toward implementing agreements reached at the highest level, opening new avenues for private-sector collaboration and contributing to economic growth and stronger bilateral ties.
Minister Sheikh emphasized the importance of strengthening economic relations between Pakistan and Kazakhstan, expressing Pakistan’s interest in attracting foreign investment and assuring full support for Kazakh businesses. He highlighted that the BOI would provide facilitation at both federal and provincial levels, including regulatory support, coordination with relevant authorities, and assistance through its single-window operations.
The Elaman Group also indicated plans to introduce modern mining technologies in collaboration with Chinese partners, aiming to ensure efficient, sustainable, and environmentally responsible operations. The company stressed its commitment to corporate social responsibility, focusing on local employment, skills development, and community uplift in project areas.
The discussions also included the finalization of a joint venture with local partners to facilitate smooth project implementation under Pakistan’s legal and regulatory framework.
The meeting took place following intensified intergovernmental engagement between Pakistan and Kazakhstan, with President Kassym-Jomart Tokayev concluding a two-day visit to Pakistan, during which trade, investment partnerships, and economic cooperation were discussed.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
