7.3 C
New York
Thursday, April 3, 2025
spot_img

Government Approves Private Export Processing Zone for Copper Mining in Balochistan – goldsilverpress


Government Approves Siah Dik Copper Mining Project in Balochistan

In a significant move aimed at bolstering Pakistan’s mining sector and enhancing export capabilities, the government has approved the establishment of the Siah Dik copper mining project in Balochistan. This initiative, designated as a private sector Export Processing Zone (EPZ), has been awarded to the China Metallurgical Group Corporation (CMGC), a company already familiar with the region through its management of the Saindak gold and copper project.

Economic Coordination Committee’s Approval

The Economic Coordination Committee (ECC) recently greenlit the proposal during a review of a summary presented by the Industries and Production Division. The ECC was informed about the role of the Export Processing Zone Authority (EPZA), which was established under the EPZA Ordinance of 1980. The EPZA is responsible for managing EPZs, with the primary goal of fostering industrialization and promoting export growth in Pakistan.

Location and Focus of the Project

The Siah Dik EPZ is strategically located in the Chagai district, an area that is also home to the renowned Reko Diq copper and gold mining project. This new zone will concentrate on the mining and processing of copper concentrate, a critical resource for various industries, including electronics and construction. The establishment of this EPZ is expected to not only enhance the local economy but also position Pakistan as a key player in the global copper market.

Joint Venture and Operational Management

The operational management of the Siah Dik project will be handled by Kohesultan Mining Company (Pvt) Limited (KMCL), a joint venture that includes Tongsin Resources Limited—a subsidiary of CMGC—and local partner Siakoh Mineral Development (Pvt) Limited. The project will cover an area of 296 acres, with mineral leases extending over an additional 4,295 acres. This extensive land allocation underscores the project’s potential for significant mineral extraction and processing.

Legislative Framework and Investment Attraction

Recent amendments to the EPZA Ordinance and the introduction of the Private and Public Participated Export Processing Zones Rules, 2023, aim to attract foreign direct investment (FDI) into Pakistan. By incorporating private-sector EPZs into the legislative framework, the government hopes to create a conducive environment for investment, generate employment opportunities, and introduce advanced technologies into the local market. This strategic approach is expected to enhance the overall industrial landscape of the country.

Project Timeline and Compliance

Under the terms of the agreement, the Siah Dik project is expected to be completed within three years. The ECC has stipulated that any breach of the agreement could lead to legal repercussions, including the potential revocation of the EPZ status. This emphasis on compliance highlights the government’s commitment to ensuring that the project adheres to established guidelines and contributes positively to the economy.

Economic Impact and Future Prospects

While the Siah Dik EPZ will not house a downstream copper facility, the Industries and Production Division has expressed optimism regarding the project’s potential to significantly boost regional economic activity. The influx of investment and the creation of jobs are expected to have a ripple effect, benefiting local communities and contributing to the overall economic development of Balochistan.

In conclusion, the approval of the Siah Dik copper mining project marks a pivotal moment for Pakistan’s mining sector. With the backing of the government and the expertise of CMGC, this initiative is poised to enhance the country’s export capabilities, attract foreign investment, and stimulate economic growth in the region. As the project progresses, it will be crucial to monitor its impact on local communities and the broader economy, ensuring that the benefits of this venture are realized for all stakeholders involved.

Related Articles

spot_img

Latest Articles

bitcoin
Bitcoin (BTC) $ 83,727.43
ethereum
Ethereum (ETH) $ 1,822.78
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.05
bnb
BNB (BNB) $ 597.84
solana
Solana (SOL) $ 118.93
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.164813
cardano
Cardano (ADA) $ 0.653431
tron
TRON (TRX) $ 0.233726
staked-ether
Lido Staked Ether (STETH) $ 1,821.32
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 83,587.40
the-open-network
Toncoin (TON) $ 3.74
leo-token
LEO Token (LEO) $ 9.42
chainlink
Chainlink (LINK) $ 13.04
stellar
Stellar (XLM) $ 0.261775
usds
USDS (USDS) $ 1.00
wrapped-steth
Wrapped stETH (WSTETH) $ 2,182.54
avalanche-2
Avalanche (AVAX) $ 18.45
sui
Sui (SUI) $ 2.31
shiba-inu
Shiba Inu (SHIB) $ 0.000012
hedera-hashgraph
Hedera (HBAR) $ 0.163239
litecoin
Litecoin (LTC) $ 84.14
mantra-dao
MANTRA (OM) $ 6.39
polkadot
Polkadot (DOT) $ 4.02
bitcoin-cash
Bitcoin Cash (BCH) $ 307.04
bitget-token
Bitget Token (BGB) $ 4.57
ethena-usde
Ethena USDe (USDE) $ 1.00
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
weth
WETH (WETH) $ 1,822.43
pi-network
Pi Network (PI) $ 0.634012
wrapped-eeth
Wrapped eETH (WEETH) $ 1,938.87
whitebit
WhiteBIT Coin (WBT) $ 27.91
hyperliquid
Hyperliquid (HYPE) $ 11.99
monero
Monero (XMR) $ 213.69
uniswap
Uniswap (UNI) $ 6.00
dai
Dai (DAI) $ 1.00
aptos
Aptos (APT) $ 5.25
pepe
Pepe (PEPE) $ 0.000007
susds
sUSDS (SUSDS) $ 1.05
near
NEAR Protocol (NEAR) $ 2.47
okb
OKB (OKB) $ 47.33
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 83,759.44
tokenize-xchange
Tokenize Xchange (TKX) $ 34.38
gatechain-token
Gate (GT) $ 22.19
crypto-com-chain
Cronos (CRO) $ 0.096319
ondo-finance
Ondo (ONDO) $ 0.818726
first-digital-usd
First Digital USD (FDUSD) $ 0.995438
mantle
Mantle (MNT) $ 0.76115
ethereum-classic
Ethereum Classic (ETC) $ 16.43
en_USEnglish