Lahore High Court (LHC) has stayed the Punjab Mineral Development Corpora-tion's order to terminate an agreement for the exploration of the iron-ore from Chiniot and Rajoa areas. Arshad Waheed, Chief Executive Earth Resources (Pvt) Limited submitted in a petition that he signed an agreement with the PMDC for the exploration of the iron-ore from the Chiniot and Rajoa area.
He said that he was to invest 2.5 to 5.0 millions US dollars in the first phase, 50 to 60 millions US dollars in the second phase while in the final phase they planned to set-up a steel mills with 600 millions US dollars. He said that according to the agreement he was to get all the mineral resources at the sites while the PMDC was bound to transfer in his name the leases, license and the 20 percent A class shares of the joint venture company.
He said that PMDC did not transfer in his name the shares, leases and the license of the project while the Secretary Mines Punjab through a letter dated August 16 called him to his office for the termination of the contract.
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