Mineral, mining sector: Chinese firm MCC keen to increase investment

ISLAMABAD: The Chinese company Metallurgical Corporation of China (MCC) Tongstin has expressed deep interest in increasing its investment in the mineral and mining sector in Pakistan.

The interest was shown by the Chinese company’s delegation led by its Chairman Wang Jaicheng that met with Prime Minister Shehbaz Sharif on Friday.

The company gave a detailed briefing to the prime minister regarding the construction of a mineral park in Pakistan and informed about the further investment plan.

The prime minister welcomed the Chinese company and said that the government is taking steps on a priority basis to increase foreign investment in the country.

The prime minister said that China is Pakistan’s long-standing friend and important partner in development, and added that China helped Pakistan in every difficult time, for which, the entire nation is grateful to the Chinese leadership and the Chinese people. He invited the Chinese company to invest in the mineral sector in Pakistan from mining to the production of export goods. In order to increase the exports of Pakistan, investment will be provided every facility for the extraction of minerals, their processing and export of their products.

The premier directed the concerned federal ministers and officers to consult with the Chinese company. He also directed to include the chief minister of Balochistan and relevant institutions and stakeholders of the province in the consultation process.

On Thursday, the delegation of MCC also met with the Minister for Planning and Development and Special Imitative, Ahsan Iqbal. The minister told the delegation that mining is a priority area of the China-Pakistan Economic Corridor (CPEC) Phase 2.

In response to the company’s request to seek inclusion of their latest project in CPEC, the minister directed them to prepare their proposal. It was discussed during the meeting that if their energy needs are met by establishing a national power grid, the operational cost of all mining projects in the province will be reduced.

The Saindak Copper-Gold Project in Balochistan is operated by MCCT Resources Development Company (Pvt) Ltd (MRDL).

The MCCT submitted a proposal of establishing a mineral industrial park in Pakistan which consists of copper/ lead/ zinc refining and deep processing, giving more value addition to the mineral products.

With the development of more mining projects, establishing such an industrial park will become feasible. The mineral industrial park will also attract investors to invest in metal refineries and processing plant which produces wires, rods, plate and other products.

Meanwhile, power supply, water supply, transportation and other industries can also develop to facilitate the industrial park.

Copyright Business Recorder, 2024