US company to invest $200m in pink salt facility

ISLAMABAD: In a significant development, a leading US-based company Miracle Saltworks Collec­tive Inc (MSCI) and Pakistan Mineral Development Corporation (PMDC) have entered into a collaborative agreement.

PM Shehbaz approves various SIFC projects to attract foreign investment

Under the Memorandum of Understanding (MoU), MSCI is expected to invest nearly $200 million in establishing a state-of-the-art pink salt crushing and packaging facility for export purposes under the theme of “Pink Prosperity”.

A special plant will be set up in the Mianwali district for the export of pink salt, also known as Himalayan salt.

Pakistan is estimated to have over 22 billion tonnes of pink salt deposits with an annual export potential of $12 billion. The natural resource is mainly concentrated in Salt Range areas of Kalabagh, Warcha, Khewra and Bahadur Khel.

Currently, Pakistan is earning only $70 million a year from the export of the resource.

Earlier this month, the first ever mineral summit with the theme “Dust to Development: Investment opportunities in Pakistan” was held with an aim of paving the way towards unlocking the untapped mineral potential of the country.

Hum News