Islamabad: The Economic Coordination Commission (ECC) on Wednesday (February 09) extended the lease of the Sandak Copper-Gold Mines project to a Chinese firm for another 15 years, news sources reported. The lease contract has been signed between Saindak Metals Ltd (SML) and Metallurgical Construction Corporation (MCC) of China. According to a report released this week, the Sandak Copper-Gold project achieved a total profit of USD 74.71 million last year.
The initiative was founded in 2001 to explore mines and minerals in Balochistan and develop a consistent supply of precious metals. The most recent contract extension is the fourth, with the last extension set to expire on October 31, 2022.
Reportedly, the cabinet meeting chaired by Finance Minister Shaukat Tareen also approved conducting the project’s annual review by professional agencies. The meeting also took several decisions regarding the energy and petroleum sector. Some of the decisions approved are as follows:
Issuance of a sovereign guarantee or standby letter of credit (SBLC) of PKR 6.944 billion as an operational Viability Gas Fund for the development of the Sialkot-Kharian Motorway
The summary of the Ministry of Energy’s calculation of the RLNG sale price for Pakistan LNG Ltd’s (PLL) delivery of 150 million cubic feet per day to Karachi Electric (KE). The RLNG will be used for the generation of 900 megawatts of electricity. Read:ECC approves grant to clear liabilities of PIA’s Roosevelt Hotel in NY
Amendments to the Petroleum Products (Petroleum Levy) Ordinance’s Second Schedule and policy recommendations for RLNG pricing
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
