Saindak Agreement

Saindak Agreement

“The province can explore precious metals even after the 18th Amendment is passed,” says economist Syed Fazl-e-Haider. “The exploration rights for the Saindak project should have been turned over to the provincial government after the 18th Amendment was passed. Under the lease signed in 2012, the province received only 25% of the Chinese company`s net profit. In October 2002, Metallurgical Corporation of China (MCC) signed a 10-year contract with the state-owned Saindak Metals Ltd (SML) to lease the Saindak gold and copper mines. The agreement was extended for a further five years in 2012, under existing conditions. “The deposits at South and North Ore Body are almost depleted and soon there will be nothing to explore, so we have contacted the government to renew the lease and contract for the development of the Eastern Ore Corps,” Mehmoodi said. But the question of ordinary procedure cannot simply be set aside. Residents say work on the northern ore body has already begun before Pakistan signed the lease agreement for the Saindak project at the MCC in Beijing on October 16, 2017. Last Friday, the provincial administration of Balochistan informed the federal government that it had extended the stay of the Metrological Construction Company of China (MCC), which entered into an agreement with the federally owned Saindak Metals Limited (SML) to allow the foreign company to continue exploration and development activities in the region. The Public Finance Committee (PAC) of the Balochistan Assembly has declared the lease agreement for the Saindak copper-gold project “unconstitutional”. The company`s contract was due to expire on October 31, 2022. In a letter to the federal Department of Energy, the Balochistan administration stated that an extension of the lease would “guarantee $45 million in investment by MCC/SML at its own risk for the exploration and development of Easter Bodies in Saindak.” During the meeting, President PAC called for legislation that the federal government has signed agreements with international companies for provincial projects.


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