By MI Butt
Trillions in the headlines, millions in an investment announcement, and billions in disputed royalties. Pakistan’s mineral debate has become a confusion of currencies, estimates and allegations. Before anyone celebrates—or accuses—those figures need separating.
A claim circulating suggests that the army sold $7 trillion worth of Waziristan’s copper to an American company. The available evidence does not establish such a sale. A figure that large deserves verification before repetition.
What is documented is an agreement signed on 8 September 2025 between the military-run Frontier Works Organisation (FWO) and United States Strategic Metals (USSM). The official announcement envisaged approximately $500 million in initial investment across critical minerals, including plans for exports, processing and a refinery. This was not a disclosed purchase price for copper alone.
In October 2025, USSM announced receiving a shipment containing copper concentrate, antimony and rare earth elements. Its announcement did not disclose the copper’s tonnage or purchase price. Those details therefore cannot responsibly be supplied through guesswork.
The $7 trillion figure appeared in recent reporting about the potential value of Pakistan’s overall mineral resources. Potential wealth underground and revenue earned from a sale are different things. Neither should be presented as the other.
There is, however, a separate and substantial allegation concerning Waziristan.
A report published on 17 October 2026 quoted ANP provincial assembly member Nisar Baz Khan, a member of the assembly’s mines and minerals standing committee. He alleged that copper extracted from a Waziristan lease during 2016–2024 had an estimated value of Rs690 billion. He further alleged that approximately Rs34.5 billion was due in royalties, while only Rs169 million had been paid to the provincial Minerals Department.
These remain the lawmaker’s allegations. They are not an independent audit or a judicial finding. The reported figures do not establish theft, prove the amount legally payable or demonstrate that this material was sold to America.
The distinction matters. A newspaper should scrutinise an allegation without turning it into a verdict.
The constructive next step is a documented explanation from FWO and the relevant authorities, with equal prominence given to their response. A clear account should distinguish ore from copper concentrate and refined metal, explain production quantities and sale prices, and show how royalties were calculated and paid.
The lawmaker should likewise make the supporting records and calculations available for examination. Accountability requires accuracy from those asking questions as well as those answering them.
Inviting foreign investment can create opportunities for processing, employment and exports. Publishing clear accounts would help citizens assess those benefits and give institutions a fair opportunity to correct misleading claims.
Public scrutiny can be conducted with respect. Asking how mineral revenue is recorded and shared is a legitimate question about an economic project; it need not become a judgment on an entire institution.
Pakistan’s mineral wealth deserves serious investment and serious reporting. Neither is served by exaggerated accusations or figures presented without context.
The most valuable number will be the one that can be checked.
