Five mineral projects picked for investment
Pakistan has identified five potential mineral projects that it will offer to the United Arab Emirates (UAE) for investment and development. In this regard, the two sides will sign a deal to formalise their partnership.
According to sources, the five mineral projects have been selected in Chagai, Waziristan and Gwadar.
Among these include Balochistan Mineral Resources Limited’s copper blocks EL-302 and EL-303 in Chagai. Separately, in the area, the Reko Diq copper and gold mining project is also being implemented. Pakistani and foreign companies have collaborated and inked a deal for drilling the Reko Diq mine where gold and copper deposits worth billions of dollars are believed to be present.
Other mining blocks include Frontier Works Organisation’s (FWO) copper blocks EL-207 and EL-320 in Chagai, its copper blocks ML-30 and EL-101 in Waziristan and a copper smelter in Gwadar having capacity of 50,000-80,000 tonnes per year.
Sources said that the government had planned to build a rail network to connect Gwadar and Chagai. These projects may be brought in a marketable template for conducting pre-feasibility studies, in collaboration with consultants, sources said, adding that consultations on a term sheet shared by International Resources Holding Company would be finalised by Mari Petroleum Company and the government of Balochistan in a working group.
