Miracle Saltworks Collective Inc., a US company, is set to invest nearly $200 million in the curation, processing, distribution, and importation of Pink Himalayan Salt from Pakistan.
The Press Information Department issued a statement saying that the company’s representatives met with Pakistani Ambassador to the United States Masood Khan in Washington and shared their plans.
The investment will be used to prepare a feasibility study and a reserve report. It will also upgrade mining procedures, and processes, construct a world-class processing and packaging facility, and fund community development programs.
Miracle Saltworks Collective Inc. (MSCI) briefed that Pakistan has a geographical monopoly on pink salt, with huge reserves that could earn the country up to $12 billion per year.
Pakistan is estimated to have 22.22 billion tons of salt. It is mostly concentrated in the Salt Range areas of Kala Bagh, Warcha, Khewra, and Bahadur Khel. This has the potential to stimulate significant economic activity.
MSCI President Ahmed N. Khan stated that a multi-faceted solution involving public-private partnerships under a clearly defined policy was being developed to assist the government in regulating and encouraging the private sector to take a leading role in exploiting the existing potential. It was also announced that the company was entering into a joint venture with Pakistan Mineral Development Corporation.
The company aims to increase global market awareness and reach 10 million tons of verified extraction by 2030. To meet global demand for Pakistani products, two world-class processing and distribution facilities will be established in Doha and China.
Ambassador Khan welcomed MSCI’s interest in investing in and promoting Pink Salt. He added that the government was committed to providing every possible assistance to international investors and the business community who are planning to invest in traditional and non-traditional sectors of the economy.
The ambassador pledged the embassy’s full support in helping Miracle Saltworks finalize and implement its business plan in the country as soon as possible.