Jai Siya Ram

Yes — this is accurate. On September 8, 2025, the Associated Press reported that U.S. Strategic Metals, a Missouri-based company, signed a $500 million memorandum of understanding (MoU) with Pakistan’s Frontier Works Organization (FWO) to develop critical mineral resources in Pakistan

Key details of the deal:

• The agreement establishes a framework for joint development of Pakistan’s critical minerals, including copper, gold, antimony, tungsten, and rare earth elements
• The partnership aims to set up a poly-metallic refinery in Pakistan, designed to process intermediate and finished products to meet U.S. demand
• The project is intended to begin immediately, focusing first on exporting readily available minerals, with longer-term plans to build value-addition and processing infrastructure
• The MoU was signed at Prime Minister House in Islamabad, and was accompanied by high-level discussions involving Pakistan’s leadership, including Prime Minister Shehbaz Sharif

Broader context:

• This MoU builds on earlier U.S.–Pakistan engagement in the minerals and hydrocarbons sectors. For instance, on August 14, 2025, U.S. Secretary of State Marco Rubio publicly expressed interest in expanding cooperation on critical minerals and hydrocarbons, emphasizing economic partnership
• Pakistan’s Reko Diq project—one of the world’s largest undeveloped copper-gold deposits—is a focal point for foreign investment and is slated to begin production in 2028, backed by substantial funding from the Asian Development Bank and others Financial Times.

Significance:

This agreement marks a significant step in deepening U.S.–Pakistan economic relations, particularly in sectors critical to technology and energy supply chains. It demonstrates U.S. efforts to diversify sources of essential minerals and promotes industrial capability development inside Pakistan.