KARACHI: Platinum Mining Company has signed a monumental Joint Venture Agreement with Government of Balochistan to develop the country’s first mineral processing project at Balochistan Mineral Resource Limited (BMRL) office, Quetta.
Ismail Suttar, President LCCI and represented Platinum Mining Company (Pvt) Ltd. in this mutual collaboration with BMRL represented by Saeed Sarpara, MD BMRL, to value-add and convert raw fluorite ore into acid grade calcium fluorite that will be sold as a feedstock to many chemical industries established internationally. The signing of this historic Joint Venture was witnessed by Caretaker Advisor on Mines and Minerals Balochistan Umair Mohammad Hasni.
President LCCI said that after long and thoughtful brainstorming sessions with both the office teams, we have carefully worded the JV agreement that will be mutually beneficial for the private sector company as well as the Government of Balochistan and most importantly to benefit the SME sector at large.
Ismail emphasized that we are exporting our raw ore at bare minimum price that is converted into valuable products like steel, chemicals, and ozone friendly refrigerants in countries like China, Turkey, USA etc. and is re-purchased by Pakistan at extremely high price. He stressed that if we wish to straighten our trade balance deficit, we have to start developing value-added products.
After through research, PMCL and LCCI established that the average available fluorite resource in the district of Loralai is found to be 1.6 million tons, the company will start its extraction in the region and will convert this available raw ore into acid grade calcium fluorite in its production facility installed in Hub Balochistan, says Ismail. He added that BMRL will enjoy a share of 5% from the profits without having to invest in the project. This share is beneficial for the development of the province.
MD Balochistan Mineral Resource Limited(BMRL), Saeed Sarpara has declared the JV agreement as first of its kind that is not only restricted to mining but also explores the avenues of value-addition and has identified this project worth of 3 billion rupees while Minister of Mines & Minerals, Umair Hasni congratulated PMC and BMRL and thanked Ismail Suttar for his unwavering support and efforts to develop this precious sector.
Ismail Suttar applauds the positive remarks and efforts of Minister of Mines & Minerals for understanding that the development of the province starts from the development of the areas from where mineral is extracted. He added that Pakistan is not an export-oriented country at the moment and this JV is a steppingstone that will be a gateway for the establishment of new industries, enhancement of trade value through exports of value-added products and tapping new regional and export markets.
Umair Hasni also made an important comment regarding mineral policy revision. He said that they are working tirelessly to devise a new mineral policy that will be investor friendly and will contribute positively to the Province and later to the Country as a whole
President LCCI appreciates MD BMRL for his efforts in bringing forth this day that has laid the foundations of Pakistan’s first ever mineral value addition project. The project is already in its development stages, and Platinum Mining Company (Ltd) is the first investor to share our vision of industrial development and with time it will pave the way for hundreds of such companies and projects that will be facilitated by the Government of Balochistan and LCCI.
MD BMRL, President LCCI and Minister Mines & Minerals are confident that our joint efforts will open new vistas of investment in Pakistan and soon we will see Pakistan as a chemical hub in Asia over next few years.
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